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Commissioner of Income Tax vs. M/s. R.M. Traders: Judicial Assessment on the Genuineness of Business Transactions and Validity of Block Assessment Additions under Section 158BC
Facts of the CaseFollowing a search and seizure operation conducted at the
respondent’s premises on July 21, 2004, the Revenue initiated proceedings for a
block assessment covering the period from April 1, 1996, to M...
Commissioner of Income Tax (Delhi-XI) v. Shri Puneet Sabharwal: Judicial Determination on the Validity of Unexplained Investment Additions Under Section 69B of the Income Tax Act, 1961 and the Legal Sustainability of Assessing Officer’s Reference to the District Valuation Officer (DVO) Under Section 55A Solely Based on Fair Market Value Discrepancies Without Corroborative Evidence of Extra Consideration
Facts of the Case
The
respondent-assessee (an individual) filed his return of income for the
Assessment Year (AY) 1997-98, declaring an income of ₹8,13,910.
During
the assessment proceedings, the ...
Commissioner of Income Tax v. [Respondent School] – Delhi High Court Rules That Revenue Department Cannot Challenge Exemption Under Sections 10(23C)(vi), 11, and 12 When Identical Prior Orders Were Unchallenged and Accepted
Facts of the Case
The
respondent is an educational institution (school) that has historically
enjoyed tax benefits and exemptions under Section 11, Section 12, and
Section 10(23C)(vi) of the Income Ta...
Commissioner of Income Tax vs. BLB Ltd.: Deductibility of SEBI Registration Fee on Actual Payment Basis Under Section 43B of the Income Tax Act
Facts of the Case
Assessee's
Business: The Respondent-Assessee is a public
limited company engaged in buying and selling shares on its own account,
acting as a share broker, and holding memberships in...
The Commissioner of Income Tax-XIII vs. Sh. Qimat Rai Garg (ITA No. 759/2010, 2010:DHC:11695-DB) Validity of Chapter XIV-B Block Assessments: Whether Undisclosed Income Can Be Computed Based on Post-Search Bank Enquiries Traced to an Assessee's Statement on Oath Under Section 132(4) in Light of the Finance Act, 2002 Retrospective Amendments.
Facts of the Case
The
respondent-assessee is a Chartered Accountant and a director in multiple
finance and hire-purchase companies.
Following
a search operation conducted on a third-party corporate...
Commissioner of Income Tax vs. M/s Xansa India Ltd. — Deletion of Rs. 2.26 Crore Addition Affirmed as Foreign Exchange Reimbursements Were Duly Supported by Agreements, Debit Notes, and FIRCs Submitted During Assessment Under Section 260A of the Income Tax Act, 1961
Facts of the Case
The
Assessing Officer (AO) made an addition of Rs. 2.26 crores to the
assessee's income.
This
addition was made by disallowing the sum claimed by the assessee as
earnings in ...
M/s Great Eastern Exports v. Commissioner of Income Tax & Connected Appeals – Deduction under Sections 80HHC and 80IA/80IB Cannot Be Claimed on the Same Profits Twice | Delhi High Court
Facts of the
CaseSeveral appeals involving different assessees and
the Revenue were heard together as they raised a common legal issue concerning
deductions under Chapter VI-A of the Income-tax Act.The assessees had c...
Commissioner of Income Tax vs. M/s Stellar Construction (P) Ltd. — Deletion of Section 68 Addition on Account of Share Application Money Where Identity and Capacity of Investors Stand Established and Confirmed via Prior Precedents
Facts of the Case
The
Assessing Officer (AO) made additions to the total income of the assessee
under Section 68 of the Income Tax Act.
The
addition was made on the grounds that the assessee failed...
Achin Agarwal, Pradeep Agarwal, and Geeta Agarwal vs. Commissioner of Income Tax & Anr. — Writ Jurisdiction Challenge Under Article 226 Against Section 127 Transfer of Assessment Files from Delhi to Rajasthan and Admissibility of Mutual Extension of Time for Completion of Income Tax Assessments Pursuant to High Court Directives
Facts of the CaseThe individual Petitioners (Achin Agarwal, Pradeep Agarwal,
and Geeta Agarwal) approached the Hon’ble High Court of Delhi by filing three
separate civil writ petitions under Article 226 of the Consti...
Commissioner of Income Tax v. M/s John Tinson & Co. (P) Ltd. | Delhi High Court | Section 275(1)(a) & 271(1)(c) of the Income Tax Act – Limitation for Penalty Proceedings After Fresh Assessment Order
Facts of the CaseThe assessee, M/s John Tinson & Co. (P) Ltd.,
filed its return for Assessment Year 1993-94 declaring a loss. The Assessing
Officer (AO), however, completed assessment under Section 143(3) and asses...