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NTPC Ltd. Vs Commissioner of Income Tax-V | Delhi High Court on Section 263 Revision Powers, Provisional Reduction of Sales & Income Recognition under Income Tax Act
Facts of the CaseNTPC Ltd. filed its return of income for Assessment Year
2005–06 declaring total income of approximately Rs.1330.17 crores. The case was
selected for scrutiny and assessment proceedings were conducte...
Commissioner of Income Tax Vs. B.L. Passi – Depreciation on Trucks Given on Hire under Section 32 of the Income Tax Act: Ownership and Actual Business Use Upheld by Delhi High Court
Facts of the Case
The
assessee, B.L. Passi, operated a proprietary concern named M/s Pasco
Automobiles dealing in sale of Maruti cars on commission basis and also
earned income from partnership firms ...
Commissioner of Income Tax Vs. B.L. Passi – Depreciation on Trucks Given on Hire under Section 32 of the Income Tax Act: Ownership and Actual Business Use Upheld by Delhi High Court
Facts of the Case
The
assessee, B.L. Passi, operated a proprietary concern named M/s Pasco
Automobiles dealing in sale of Maruti cars on commission basis and also
earned income from partnership firms ...
Commissioner of Income Tax, New Delhi vs. M/s Manju Finance Corporation, New Delhi – Mandatory Satisfaction Note under Sections 158BD/158BC of the Income Tax Act for Block Assessment Proceedings
Facts of the
CaseSearch and seizure operations under Section 132(1)
of the Income Tax Act were conducted on 29.08.1996 at the residence of Shri Nem
Chand Gupta. During the search proceedings, books of account includin...
Pawan Kumar Aggarwal vs Income Tax Officer – Delhi High Court | Addition under Section 68 for Alleged Bogus NRI Gift to Minor Daughter | Genuineness of Gift Transaction and Burden of Proof
Facts of the Case
The assessee, Mr. Pawan Kumar Aggarwal, had a minor daughter, Aushi
Aggarwal, whose income was clubbed with his income under Section 64(1A) of
the Income Tax Act.
Aushi Aggarwal invested...
The Commissioner of Income Tax-II vs Jubilant Securities Pvt. Ltd.: Disallowance under Section 14A Read with Rule 8D and Allowability of Group Service Charges
Facts of the
CaseThe assessee had paid service charges amounting to
Rs.95,84,561/- to its group concern, M/s Jubilant Enpro Pvt. Ltd., under a
Memorandum of Understanding dated 05 January 2006. The said entity provide...
Commissioner of Income Tax vs Shri Krishan Kumar & Super Cassettes Industries Ltd. – Delhi High Court on Royalty Payment for Music Rights as Revenue Expenditure under Income Tax Act
Facts of the
Case
The assessees were engaged in manufacturing and sale of blank and
pre-recorded audio cassettes and related media products.
Royalty payments and lump sum amounts were paid to producers and
...
Amway India Enterprises Pvt. Ltd. vs Income Tax Officer – Delhi High Court on Mandatory Recording of Satisfaction under Section 14A(2) Before Rule 8D Disallowance
Facts of the
CaseAmway India Enterprises Pvt. Ltd. filed its return
for Assessment Year 2008–09 and claimed certain expenditure relating to exempt
income under the provisions of Section 14A of the Income Tax Act, 19...
Director of Income Tax (Exemption) vs M/s NBIE Welfare Society, New Delhi – Validity of Accumulation under Section 11(2) of Income Tax Act through Form No.10 for Charitable Purpose | Delhi High Court
Facts of the
Case
The respondent society, claiming charitable status, filed its
return for Assessment Year 1996–97 declaring nil taxable income.
Along with its return, the assessee filed Form No.10 under Sec...
Shri Sachinder Mohan Mehta vs Assistant Commissioner of Income Tax (Delhi High Court) – Whether Expenditure on Furniture, Fixtures and Fittings Can Be Included as Cost of Acquisition for Capital Gains Computation under Sections 2(14), 48 and 260A of the Income Tax Act, 1961
Facts of the CaseThe assessee, an architect by profession, purchased
a residential floor situated at East of Kailash, New Delhi in July 1997 through
an unregistered agreement for an amount of ₹18,00,000.Subsequently,...