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Commissioner of Income Tax-IV vs M/s Dixon Technologies (India) Pvt. Ltd. - Eligibility of Deduction under Section 80-IC for Manufacturing Activity and Units Located in Notified Areas of Uttarakhand | Delhi High Court
Facts of the
CaseThe assessee was engaged in manufacturing and
assembling air-conditioners and microwave ovens by using different components
and parts sourced from third parties. The assessee claimed deduction under
...
Commissioner of Income Tax-6 vs Mona Advertising & Marketing Pvt. Ltd. (Delhi High Court) – Revenue Appeals Dismissed Due to Procedural Defect | Section 153A & Section 68 Income Tax Act
Facts of the Case
The ITAT passed a
common order dated 29 October 2014 in relation to multiple assessment
years.
The Revenue challenged
the said order before the Delhi High Court.
The assessee h...
CIT-I vs ACL Wireless Ltd. - Delhi High Court Holds Software Product Improvement and Upgradation Expenses as Revenue Expenditure under Section 37(1) of the Income Tax Act
Facts of the
Case
ACL Wireless Ltd. was engaged in software development relating to
wireless solutions and instant messaging applications for mobile users.
The company had already capitalized the original soft...
Commissioner of Income Tax, Delhi vs. Sudhir Budhraja – Delhi High Court Upholds Genuine Foreign Gift, Deletes Addition under Sections 68 & 69 of Income Tax Act
Facts of the CaseThe assessee, a Chartered Accountant, filed his income tax return for
Assessment Year 1995–96 declaring professional income. During scrutiny, it was
noticed that apart from consultancy receipts from ...
Commissioner of Income Tax, Delhi vs Globus Securities & Finance Pvt. Ltd. – Section 68 Income Tax Act | Share Capital, Share Premium, Accommodation Entries & Burden of Proof in Private Companies
Facts of the
Case
The assessee, Globus Securities & Finance Pvt. Ltd., received a
total amount of ₹51,10,000 from six different corporate entities towards
share capital and share premium during Asses...
Li & Fung India Pvt. Ltd. vs Commissioner of Income Tax – Delhi High Court | Transfer Pricing under TNMM: Whether TPO Can Apply Mark-up on FOB Value of Exports for Determination of Arm’s Length Price
Facts of the
CaseLi & Fung India Pvt. Ltd. (LFIL) was a wholly
owned subsidiary of Li & Fung (South Asia) Ltd., Mauritius and acted as a
captive offshore sourcing service provider. Its Associated Enterprise in...
Lease Plan India Limited vs Deputy Commissioner of Income Tax | Delhi High Court on Invalid Reassessment under Sections 147 & 148 of Income Tax Act for Absence of Proper “Reason to Believe”
Facts of the
Case
Lease Plan India Limited filed its return for AY 2005–06 and the
matter was subjected to scrutiny assessment under Section 143(3) of the
Income Tax Act.
The return originally reflecte...
Commissioner of Income Tax, Delhi vs. Sudhir Budhraja – Delhi High Court Upholds Genuine Foreign Gift, Deletes Addition under Sections 68 & 69 of Income Tax Act
Facts of the CaseThe assessee, a Chartered Accountant, filed his income tax return for
Assessment Year 1995–96 declaring professional income. During scrutiny, it was
noticed that apart from consultancy receipts from ...
Commissioner of Income Tax-XV vs Bharti Mishra – Delhi High Court Holds Section 54F Exemption Cannot Be Denied Merely Because Construction of Residential House Started Before Sale of Original Asset | ITA No. 567/2013
Facts of the
CaseThe respondent-assessee, an individual taxpayer,
sold shares and earned sale proceeds amounting to ₹54,86,965. The assessee
claimed exemption under Section 54F of the Income Tax Act by investing the...
Pr. Commissioner of Income Tax-5 vs JKD Capital & Finlease Ltd Delhi High Court Clarifies Limitation for Penalty Proceedings under Section 271E: Penalty for Violation of Section 269T Cannot Be Imposed Beyond the Statutory Time Limit under Section 275(1)(c)
Facts of the CaseThe Revenue
filed an appeal under Section 260A of the Income Tax Act, 1961, challenging the
order passed by the Income Tax Appellate Tribunal (ITAT) for Assessment Year
2005–06. The ITAT had upheld ...