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Commissioner of Income Tax v. Assessee Company – Foreign Exchange Fluctuation Loss and Related Tax Deductions Covered by Earlier Judicial Precedents | Delhi High Court
Facts of the CaseThe Revenue filed Income Tax Appeals No. 161/2009
and 261/2009 before the Delhi High Court challenging the order passed by the
Income Tax Appellate Tribunal. The appeals involved issues relating to the...
Commissioner of Income Tax, Delhi-VI, New Delhi v. Teehdrive (India) Pvt. Ltd. | Section 10B Deduction Cannot Be Denied Merely Because Software Was Developed Using Third-Party Infrastructure Under Assessee’s Control – Delhi High Court
Facts of the CaseThe assessee, Teehdrive (India) Pvt. Ltd., was
registered with the Software Technology Parks of India (STPI) and was engaged
in the export of computer software services. For Assessment Year 2002-03, th...
Commissioner of Income Tax, Delhi-VI vs. Whirlpool of India Ltd. | Business Set Up vs. Commencement of Business under Section 3 of the Income Tax Act, 1961
Facts of the Case
The
assessee company was incorporated on 27.07.1995 as a financial enterprise.
The
first Board Meeting was held on 12.08.1995, wherein directors, executives,
and auditors wer...
Commissioner of Income Tax vs. Yamaha Motor India Pvt. Ltd. – Depreciation on Discarded Machinery Forming Part of Block of Assets under Sections 32, 43(6) and 50 of the Income Tax Act
Facts of the CaseYamaha Motor India Pvt. Ltd. had capitalized
certain assets amounting to Rs. 4,71,51,016. The Written Down Value (WDV) of
these assets at the end of the relevant financial year stood at Rs.
2,32,07,14...
Insurance Claim Received on Loss of Stock Eligible for Deduction under Section 80-IA of the Income Tax Act – The Commissioner of Income Tax-III vs. Sportking India Limited (Delhi High Court)
Facts of the Case
The
assessee, Sportking India Limited, was an industrial undertaking eligible
for deduction under Section 80-IA.
For
Assessment Year 1998-99, assessment was completed under Section...
Commissioner of Income Tax, Delhi-IV, New Delhi vs M/s Dass Trading & Holding (P) Ltd. – Penalty under Section 271(1)(c) for Concealment of Income through Bogus Agricultural Income Claim | Delhi High Court
Facts of the CaseFor Assessment Year 1994-95, the assessee filed
its return declaring income of Rs. 2,790/- after claiming agricultural income
of Rs. 3,76,222/-.Subsequently, the Assessing Officer received a
report fr...
CIT vs. Sahib Chits (Delhi) Pvt. Ltd.: Delhi High Court Holds Chit Fund Dividend/Discount Is Not ‘Interest’ Under Section 2(28A), Hence No TDS Deduction Required Under Section 194A of the Income Tax Act
Facts
of the Case·
The
respondent-assessee, M/s Sahib Chits (Delhi) (Pvt.) Ltd., is a chit fund
company regulated under the Madras Chit Funds Act, 1961 (as extended to...
Jaypee Institute of Information Technology Society vs. Director General of Income Tax (Exemptions), Delhi: Extension and Field Outreach Activities Held Integral to Educational Purpose under Section 10(23C)(vi) of the Income Tax Act
Facts of the Case
The
Petitioner: Jaypee Institute of Information
Technology Society is a registered society under the Societies
Registration Act, 1860, running an educational institution.
Deemed
...
The Motor & General Finance Ltd. & Ors. vs Commissioner of Income Tax-VI, New Delhi | Interest on Interest on Income Tax Refund Not Payable When Statutory Interest Already Granted under Section 244A of the Income Tax Act, 1961 – Delhi High Court
Facts of the
Case
The assessees had filed their returns and paid taxes through
advance tax and TDS.
Refunds became due upon processing of returns and subsequent
appellate orders.
Refunds along with sta...
Jaypee Institute of Information Technology Society vs. Director General of Income Tax (Exemptions), Delhi under Section 10(23C)(vi),Section 2(15)
Facts of the Case
The
Petitioner, Jaypee Institute of Information Technology Society, is a
registered society under the Societies Registration Act, 1860, running an
institute named "Jaypee Institute o...