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CAG Empanelment 2026-27: A Crucial Opportunity for CA Firms to Verify Their Provisional Point Score
CAG Empanelment 2026-27: A Crucial Opportunity for CA Firms to Verify Their Provisional Point ScoreThe Office of the Comptroller and Auditor General (CAG) of India has released the Provisional Empanelment Status of Chart...
Commissioner of Income Tax vs. SKK Ltd. | Depreciation on Sale and Lease Back Transactions Allowed under Section 32 of the Income Tax Act | Delhi High Court
Facts of the Case
The
assessee entered into a purchase and lease-back transaction with M/s Asian
Electronics Ltd.
Pursuant
to the transaction, the assessee claimed depreciation of ₹1,74,11,000 on...
CIT vs Arihant Exports Ltd. (Delhi High Court) – Depreciation on Leased Gas Cylinders Allowed Despite Allegation of Bogus Transaction under Section 32 of the Income-tax Act, 1961 | ITA No. 349 of 2010
Facts of the CaseThe assessee, Arihant Exports Ltd., was engaged in the
business of financing and leasing. During Assessment Year 1994-95, the assessee
purchased gas cylinders from M/s Modern Steel Trading Company, Bha...
Commissioner of Income Tax vs. Ravinder Kumar Arora (2011) 342 ITR 38 (Delhi HC) | Section 54F Exemption Allowed on Jointly Purchased House Where Entire Investment Made by Assessee
Facts of the CaseThe assessee, Mr. Ravinder Kumar Arora, sold a long-term
capital asset being a plot of land situated in Gautam Budh Nagar, Uttar
Pradesh, and earned long-term capital gains.To claim exemption under Sec...
Commissioner of Income Tax, Delhi-I, New Delhi vs Aerens Infrastructure & Technology Ltd. | Reassessment under Sections 147, 148 & Reference to DVO under Section 142A Without Prior Finding of Unexplained Investment – Delhi High Court
Facts of the Case
The
assessee filed its income tax return declaring income of ₹1,60,450.
During
assessment proceedings, the Assessing Officer (AO) noticed that the
assessee had purchased a prope...
The Institute of Chartered Accountants of India (ICAI) & Anr. vs. Director General of Income Tax (Exemptions), Delhi & Ors. – Scope of Charitable Purpose under Sections 2(15) and 10(23C)(iv) of the Income Tax Act, 1961 (Delhi High Court)
Facts of the CaseThe Institute of Chartered Accountants of India (ICAI) and
its President challenged the order dated 19.05.2009 passed by the Director
General of Income Tax (Exemptions), rejecting ICAI’s application ...
Director of Income Tax (Exemptions) vs. The Institute of Chartered Accountants of India (ICAI) – Whether Coaching Activities of ICAI Constitute Business Activity and Violate Section 11(4A) of the Income Tax Act, 1961
Facts of the CaseThe Institute of Chartered
Accountants of India (ICAI) is a statutory body established under the Chartered
Accountants Act, 1949 for regulating the profession of Chartered Accountants in
India.
ICA...
Commissioner of Income Tax-II v. Monnet Power Ltd. (2011) – Deductibility of Pre-Operative Expenses and Interest on Borrowed Funds for Expansion of Existing Business under Sections 36(1)(iii) and 37(1) of the Income Tax Act
Facts of the CaseM/s Monnet Power Ltd., engaged in the manufacture and sale of
ferro alloys and generation and sale of power, filed its return for Assessment
Year 2003-04 declaring a loss. During assessment proceedings...
Director of Income Tax (Exemption) vs. Commerce Teachers Association | Registration under Section 12AA Cannot Be Subject to Unwarranted Conditions Restricting Collection of Fees – Delhi High Court
Facts of the CaseThe respondent, Commerce Teachers Association, was a society
registered under the Societies Registration Act, 1860. The society claimed to
be a welfare organization pursuing charitable objectives and h...
Dalmia Pvt. Ltd. vs. Commissioner of Income Tax, Delhi-10 & Another (2011) – Reassessment under Sections 147/148 Valid Where Assessee Failed to Fully and Truly Disclose Details of Sundry Creditors
Facts of the CaseThe petitioner company filed its return for Assessment Year
2003-04 declaring a loss of Rs. 29,68,536. During scrutiny assessment under
Section 143(3), the Assessing Officer examined sundry credi...