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The Commissioner of Income Tax (Revenue) versus Assessee – Appeal Concerning Exclusion of Interest Income on Fixed Deposit Receipts (FDRs) from Export Profits Deductions Under Section 10A and Section 10B of the Income Tax Act, 1961
Facts of the Case
Assessment
Year Context: The dispute centers entirely on the
financial transactions and tax liabilities governing the Assessment Year
(AY) 2005-06. The appellant/assessee approached ...
Commissioner of Income Tax-V vs. M/s Rock Fort Metal & Minerals Ltd. | Section 68 Share Application Money Cannot Be Treated as Unexplained Cash Credit When Identity of Shareholders is Established | Delhi High Court
Facts of the Case
The
assessee company received share application money amounting to
₹42,50,000.
During
assessment proceedings, the Assessing Officer treated the amount as
unexplained cash c...
Director of Income Tax (Exemption) vs. Parivar Sewa Sanstha: Assessing the Reasonableness of Salary Paid to Prohibited Persons and Safeguarding Charitable Exemptions Under Section 11, 12, and 13 of the Income Tax Act, 1961
Facts of the Case
The
Assessee, Parivar Sewa Sanstha, is a society engaged in charitable
purposes, specifically operating 56 centers dedicated to family planning,
maternal health, and child health car...
Commissioner of Income Tax-IV vs. M/s Durable Properties (Delhi High Court) – Addition under Section 68 Cannot Be Sustained When Advance Received Under Genuine Agreement to Sell is Supported by Documentary Evidence
Facts of the Case
The
assessee, M/s Durable Properties, entered into an Agreement to Sell dated
09.01.2003 for the sale of its flat situated at Vasant Kunj, New Delhi.
The
purchaser, M/s Fair N. Squ...
Commissioner of Income Tax vs. Assessee (Appeal Under Section 260A of the Income Tax Act, 1961 Regarding Principles of Res-Integra and Binding Nature of Co-Ordinate Bench Precedents)
Facts of the CaseThe Revenue (Income Tax Department) preferred two
interconnected statutory cross-appeals before the Hon’ble Delhi High Court,
registered as ITA No. 464/2011 and ITA No. 471/2011. These
appeals were ...
Ravina Khurana Vs Commissioner of Income Tax, New Delhi & Ors [2011:DHC:3503-DB]: Recovery of Income Tax from Restrained Foreign Bank Accounts and Scope of Review Jurisdiction Under Order XLVII Rule 1 of CPC
FACTS OF THE CASE
The
applicant, Ravina Khurana, was a Director in the corporate entity M/s
Ravina & Associates Pvt. Ltd. * On 6th March, 2006, the
Central Bureau of Investigation (CBI) registered...
Commissioner of Income Tax-IV vs. M/s Durable Properties (Delhi High Court) – Addition under Section 68 Cannot Be Sustained When Advance Received Under Genuine Agreement to Sell is Supported by Documentary Evidence
Facts of the Case
The
assessee, M/s Durable Properties, entered into an Agreement to Sell dated
09.01.2003 for the sale of its flat situated at Vasant Kunj, New Delhi.
The
purchaser, M/s Fair N. Squ...
Ravina & Associates Pvt. Ltd. & Anr. Vs. Commissioner of Income Tax & Ors. – Scope of Review Jurisdiction under Section 260A/CPC in Income Tax Writ Proceedings: Dismissal of Re-hearing Claims in Garb of Factual Errors
Facts of the Case
The
applicant, M/s Ravina & Associates Pvt. Ltd., filed a Review
Application (RP No. 364/2011) seeking a review of the High Court’s
previous decision dated April 20, 2011, pass...
Palam Jain Educational & Welfare Society vs. Director General of Income Tax (Exemptions) | Threshold Criteria for Tax Exemption under Section 10(23C)(vi)
Facts of the Case
The
Petitioner, Palam Jain Educational & Welfare Society, is a society
registered under the Societies Registration Act, 1860, and manages several
unaided recognized minority scho...
Income Tax Reassessment Beyond Four Years: Validity of Section 148 Notice Without Section 151 Sanction and Independent Application of Mind – CIT vs. M/s Giesecke & Devrient India Pvt. Ltd.
Facts of the Case
The
regular assessment of the assessee for the relevant assessment year was
completed under Section 143(3) of the Income-Tax Act, 1961 on March
26, 2004.
After
a lapse of mo...