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Astra Housing & Investment Pvt. Ltd. vs. Commissioner of Income Tax, Delhi-I [2010:DHC:10949-DB] – Addition under Section 158BC of the Income-tax Act on Unexplained Expenditure and Imprest Account Transactions Upheld by Delhi High Court
Facts of the Case• A search and seizure operation was conducted on 04.04.2000
at the premises of Astra Housing & Investment Pvt. Ltd. and the residential
premises of its Director, Shri Rajiv Bhatia.• During the...
All Grow Finance and Investment Pvt. Ltd. vs Commissioner of Income Tax (Delhi High Court) – Allowability of Bad Debts by NBFC under Sections 36(1)(vii) and 36(2) of the Income-tax Act, 1961
Facts
of the CaseThe assessee, All Grow Finance
and Investment Pvt. Ltd., was a Non-Banking Financial Company engaged in the
business of money lending and earning interest income.The assessee had advanced Rs. 60
lakh...
Commissioner of Income Tax vs Charitable Trust (Assessee) | Section 11, Section 12A, Section 68 & Section 148 of the Income Tax Act – Donation Cannot Be Treated as Accommodation Entry Without Evidence
Facts of the
CaseThe assessee was a charitable organization
registered under Section 12A of the Income Tax Act and claimed exemption under
Section 11. It filed its return declaring Nil income, and the assessment was
...
Commissioner of Income Tax vs. Continental Engines Ltd. – Eligibility of Section 10B Deduction for Export Oriented Unit Engaged in Manufacturing Through Job Work | Delhi High Court
Facts
of the CaseThe assessee company was engaged
in the manufacture and export of machined aluminium cylinder heads, cylinder
blocks, dies, moulds, manifolds and related products.For Assessment Year 2003-04, the
ass...
Commissioner of Income Tax vs Association of Financial Planners | Exemption under Section 10(23C)(iiiad) for Educational Institution Conducted Through a Trust – Delhi High Court
Facts of the
Case
The assessee filed returns for Assessment Years 2002-03 and 2003-04
declaring nil income and claiming exemption under Section 11 of the
Income-tax Act.
The assessee was a society regist...
Insurance Company vs Commissioner of Income Tax – Provision for Diminution in Value of Investments Treated as Unascertained Liability under Section 115JB of the Income-tax Act | Delhi High Court
Facts of the
CaseThe appellant, an insurance company, created a
provision for diminution in the value of investments amounting to
₹17,42,06,000. The Assessing Officer noted that the company had created a
provision ...
Commissioner of Income Tax-II vs. Munjal Showa Ltd. [2010] 2010:DHC:4347-DB (Delhi High Court) – Expenditure on Design & Drawing Fees and Foreign Technical Training Held as Revenue Expenditure under the Income-tax Act, 1961
Facts of the CaseMunjal Showa Ltd., engaged in the manufacture of shock
absorbers for automobiles, entered into a technical collaboration arrangement
with Showa Corporation, Japan.The assessee incurred expenditure towa...
Reassessment under Section 147 Cannot Survive on New Issues When Original Reasons for Reopening Fail – Delhi High Court
Facts of the
CaseThe assessee, Ranbaxy Laboratories Limited, engaged
in the manufacture and trading of pharmaceutical products, filed its return of
income for the relevant assessment year. The return was processed und...
Commissioner of Income Tax vs. M/s National Travel Services | Deemed Dividend under Section 2(22)(e) – Loan to Partnership Firm Holding Beneficial Interest in Shares
Facts of the CaseM/s National Travel Services, a partnership firm,
had received loans/advances from M/s Jetair Pvt. Ltd. The firm consisted of
three partners, namely Mr. Naresh Goyal, Mr. Surinder Goyal and another
pa...
National Agricultural Cooperative Marketing Federation of India Ltd. (NAFED) v. Commissioner of Income Tax – Whether Interest on Arbitral Damages Can Be Claimed as Deduction Before Liability Crystallizes | Delhi High Court
Facts of the
CaseNational Agricultural Cooperative Marketing
Federation of India Ltd. (NAFED), a registered cooperative society engaged in
marketing agricultural produce and carrying on commercial activities, entered
...