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Rashda Siddiqui vs Commissioner of Income Tax-VIII, New Delhi & Ors. | Taxability of Sale of Paintings as Personal Effects under Section 2(14) of the Income Tax Act
Facts of the Case
The
petitioner sold a painting during the financial year relevant to
Assessment Year 2006-07 for Rs. 34 lakhs.
The
painting had been acquired prior to 01.04.1981.
The
pet...
Commissioner of Income Tax-II vs M.G. Share & Stock Pvt. Ltd. | Delhi High Court | Short Term Capital Gain vs Business Income on Share Transactions | Sections 28 & 45 of Income Tax Act
Facts of the Case
The
assessee was a registered sub-broker with SEBI.
The
assessee filed return declaring:
Business
income from trading in shares: Rs. 21,40,752/-
Long-term
capit...
Mantola Co-Operative Thrift & Credit Society Ltd. vs Commissioner of Income Tax – Interest on Surplus FDR Deposits Taxable as “Income from Other Sources” Under Sections 80P & 56 of Income Tax Act
Facts of the CaseThe appellant, Mantola Co-Operative Thrift & Credit
Society Ltd., was engaged in providing credit facilities to its members. During
Assessment Year 2008-09, the society earned substantial interest ...
Commissioner of Income Tax vs. Raghubir Singh Garg | Validity of Satisfaction Note under Sections 158BD & 158BC after Completion of Block Assessment | Delhi High Court
Facts of the CaseA search and seizure operation under Section 132 of the
Income-tax Act was conducted on 3 August 2000 against Mr. Manoj Aggarwal and
M/s Friends Portfolio Pvt. Ltd.Subsequently:
Block
assessmen...
Deccan Digital Networks Pvt. Ltd. & Anr. vs Income Tax Officer & Ors. | Reassessment Notice u/s 148 Quashed Beyond Limitation Period under Sections 147 & 149(1)(c) of Income Tax Act | Delhi High Court
Facts of the Case
The
Assessing Officer issued notice under Section 148 dated 13.06.2013 for
Assessment Year 2006-07.
The
notice was issued after expiry of six years from the relevant assessment
...
Commissioner of Income Tax-VIII, New Delhi vs. Gulab Sundri Bapna | Taxability of Enhanced Compensation on Acquisition of Tenancy Rights under Sections 45(5), 48 & 55 of the Income Tax Act | Delhi High Court
Facts of the CaseLand measuring approximately 24.1 acres situated in Village
Arkpur was originally leased by the Government to M/s Delhi Pottery Works (P)
Ltd. under a registered lease deed dated 19 March 1924. Subsequ...
Commissioner of Income Tax, Delhi-II vs. M/s Kohinoor Impex Pvt. Ltd. – Whether Payment Made to Foreign Supplier for Delayed Payment Constitutes Interest Liable for TDS under Section 195 read with Section 40(a)(i) of the Income Tax Act | Delhi High Court
Facts of the CaseThe assessee, M/s Kohinoor Impex Pvt. Ltd., had imported
brushless motors from M/s Kashpo International Ltd., U.K. and made payment
amounting to Rs.19,94,704/-, which was claimed as expenditure. Initia...
Commissioner of Income Tax-II vs. M/s Lakshmi Sugar Mills Co. Ltd. – Section 43B & Section 145A on Unpaid Excise Duty in Closing Stock | Delhi High Court
Facts of the CaseThe respondent-assessee, M/s Lakshmi Sugar Mills Co. Ltd.,
was engaged in the business of manufacture and sale of sugar and also earned
income from house property. During Assessment Year 2008-09, the A...
Commissioner of Income Tax vs Frick India Ltd. – Delhi High Court on Long-Term Capital Gain Taxability of Surrender of Tenancy Rights under Sections 2(29B), 2(42A) & 260A of the Income Tax Act, 1961
Facts of the CaseThe assessee, Frick India Ltd., had acquired tenancy rights
in premises situated at Jeevan Vihar Building, Parliament Street, New Delhi,
under a written lease commencing from 15 March 1973 for a period...
Commissioner of Income Tax-I vs M/s Bumi Hiway (I) Pvt. Ltd. – Penalty under Section 271G Cannot Be Imposed Without Specific Findings Regarding Delay in Furnishing Transfer Pricing Documentation | Delhi High Court
Facts of the CaseThe Revenue filed an appeal before the Delhi High Court
challenging the order of the Income Tax Appellate Tribunal which had upheld the
order of the Commissioner of Income Tax (Appeals) deleting penalt...