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Commissioner of Income Tax, Delhi-I vs M/s Montari Chemcare Investment (ITA No. 107/2004) – Penalty under Section 271(1)(c) on Concealed Income Despite Assessed Loss
Facts of the CaseThe
assessee filed its return of income declaring a loss. During assessment
proceedings, the Assessing Officer found that certain income had been concealed
or inaccurate particulars had been furnished...
Commissioner of Wealth Tax v. Allied Finance Pvt. Ltd. & Others (Delhi High Court) – Principle of Consistency in Wealth-Tax Valuation and Bar on Selective Revenue Appeals under Section 27A of the Wealth-tax Act, 1957
Facts of the CaseThree companies, namely Allied Finance Pvt. Ltd.,
R.K.K.R. Industries Pvt. Ltd., and R.K.K.R. International Pvt. Ltd., jointly
purchased property bearing No. 12, Aurangzeb Lane, New Delhi through a sal...
Commissioner of Income Tax, Delhi-I vs M/s Krisons Electronics System (ITA No. 106/2004) – Penalty u/s 271(1)(c) Leviable Even Where Assessed Income Remains Loss
Facts of the CaseThe Revenue
filed an appeal before the Delhi High Court challenging the orders of the
Income Tax Appellate Tribunal (ITAT), which had deleted penalties imposed under
Section 271(1)(c) of the Income-ta...
Keane India Ltd., Delhi v. Commissioner of Income Tax, Delhi – Reassessment Objections, Natural Justice and Requirement of Speaking Order Before Completion of Assessment under section 147 of the Income Tax Act, 1961
Facts of the CaseKeane India Ltd., Delhi filed a writ petition before the Delhi
High Court challenging the conduct of assessment proceedings by the Income Tax
Department.During the hearing, counsel appearing for the Re...
Commissioner of Income Tax v/s. M/s Akash Deep Promoters & Developers Pvt. Ltd. – Deductibility of Additional Service Charges Paid to Associated Concern under Sections 40A(2)(b) and 260A of the Income-tax Act, 1961 | Delhi High Court
Facts of the
CaseThe respondent-assessee, M/s Akash Deep Promoters
& Developers Pvt. Ltd., was engaged in the business of real estate
development. For Assessment Year 2000-01, it filed its return declaring a loss
...
Commissioner of Income Tax, Delhi-I vs M/s Mahavir Aluminium Ltd. – Penalty under Section 271(1)(c) on Reduced Loss Assessment After Insertion of Explanation 4
Facts of the CaseThe Revenue
filed an appeal before the Delhi High Court challenging the order of the Income
Tax Appellate Tribunal (ITAT), which had deleted the penalty imposed under
Section 271(1)(c) of the Income-t...
Commissioner of Income Tax v/s. B.R. Sharma (2005) – Penalty under Section 271(1)(c) Invalid Without Recorded Satisfaction | Delhi High Court
Facts of the
CaseThe assessee, B.R. Sharma, filed his return of
income for Assessment Year 1994-95 declaring income of approximately Rs.10.13
lakhs. During assessment proceedings, the Assessing Officer made an additio...
M/s Shankar Trading Co. Ltd. v. Income Tax Appellate Tribunal – Stay of Tax Demand, Recovery Proceedings and Conditions for Hearing of Appeals Before ITAT under the provisions of Income Tax Act, 1961
Facts of the CaseM/s Shankar Trading Co. Ltd. filed a writ petition before the
Delhi High Court challenging an order passed by the Income Tax Appellate
Tribunal in November 2004.By the impugned order, the Tribunal reje...
Commissioner of Income Tax v/s. M/s Akash Deep Promoters & Developers Pvt. Ltd. – Allowability of Additional Service Charges Paid to Associate Concern under Sections 37(1) and 40A(2)(b) of the Income-tax Act, 1961 | Delhi High Court
Facts of the CaseThe respondent-assessee, M/s Akash Deep Promoters
& Developers Pvt. Ltd., was engaged in the real estate business. For
Assessment Year 2000-01, it filed its return declaring a loss of ₹82,030.Dur...
Commissioner of Income Tax vs. M/s C.L. Batra | Levy of Penalty under Section 271(1)(c) on Loss Returns
Facts of the Case·
The
assessee filed a return of income showing a loss. ·
The
tax assessment was subsequently complet...