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Commissioner of Income Tax Delhi II vs Leo Financial Services Ltd.: Section 263 Income Tax Act, 1961 – Dividend Stripping & Section 40A(2)(b) Payment Dispute
Facts of the Case
The
Commissioner of Income Tax issued an order under Section 263 of the Income
Tax Act, 1961, revising the assessment of Leo Financial Services Ltd. for
the assessment year 2001-02. ...
Commissioner of Income Tax v. New Delhi Hotels Ltd. | Business Loss vs Capital Loss on Advance Paid for Property Purchase under Sections 37, 36(1)(vii) & 36(2) of the Income Tax Act, 1961
FACTS OF THE CASEThe assessee, New Delhi Hotels Ltd., was engaged in the
business of construction, development, and dealing in real estate properties.
During the financial year 1990-91, the assessee entered into agreem...
Commissioner of Income Tax vs New Delhi Hotels Ltd – Allowability of Bad Debt as Business Loss under Section 37 vs Capital Loss under Sections 36(1)(vii) & 36(2), Income Tax Act, 1961
Facts of the Case
The
respondent, New Delhi Hotels Ltd, is a construction and real estate
company.
For Assessment
Year 2004-05, it declared income of ₹2,62,34,270/- in its return filed
on 1...
Tax Deductibility and Business Setup Principles Under Section 28 and Section 32: Commissioner of Income Tax vs. Sauer Danfoss Pvt Ltd
Facts of the CaseThe case arises from an appeal filed by the Revenue
(Commissioner of Income Tax) under Section 260A of the Income Tax Act, 1961,
against the respondent-assessee, Sauer Danfoss Pvt Ltd, for the Assessme...
Characterization of Rental Income from Commercial Infrastructure: Business Profits under Section 28 vs. Income from House Property under Section 22 – Commissioner of Income Tax vs. Mayar India Ltd.
Facts of the Case
Assessee
Profile & Return: The respondent-assessee, a corporate
entity, filed its return of income for Assessment Year (AY) 2002-03 on
October 30, 2002, declaring a total income ...
Super Cassettes Industries Ltd. v. Chief Commissioner of Income Tax: Retrospective Application of CBDT Circulars and 40% Waiver of Interest Under Section 234C
Facts of the Case
The
Petitioner, Super Cassettes Industries Ltd., filed a writ petition seeking
to quash an order dated June 8, 2007, passed by the Chief Commissioner of
Income Tax (Central).
The
...
M/s. I.M. Constructions Pvt. Ltd. vs. Commissioner of Income Tax: Issue vs. Service of Notice under Section 148 of the Income Tax Act, 1961
Facts of the Case
The
petitioner company, M/s. I.M. Constructions Pvt. Ltd., filed its income
tax return manually for the Assessment Year (AY) 2004-05 on February 10,
2005, with the Income Tax Officer...
M/s Lachman Dass Bhatia Hingwala (P) Ltd. & Anr. v. Assistant Commissioner of Income Tax: Validity of Search Assessment Proceedings Under Section 153A
Facts of the CaseThe dispute involves a batch of six connected writ
petitions—specifically W.P.(C) Nos. 1765/2012, 1766/2012, 1767/2012, 1778/2012,
1784/2012, and 1785/2012—brought before the Division Bench of the ...
Commissioner of Income Tax vs. R.T.C.L. Ltd.: Limits on Rectification of Book Profit Computations Under Section 154 and Section 115JB of the Income Tax Act
Facts of the Case
Initial
Assessment: For the assessment year 2002-03, the
Assessing Officer (AO) completed the original assessment of the
respondent-assessee (R.T.C.L. Ltd.) under Section 143(3) of t...
Commissioner of Income Tax-IV vs. Deepak Knits and Texturise Pvt. Ltd.: Validity of Reassessment Under Section 147/148 Based on Accommodation Entries
Facts of the Case
The
respondent-assessee, a private limited company, filed its income tax
return for the Assessment Year (AY) 2001-02.
The
initial assessment was completed by the Assessing Officer...