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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...
Commissioner of Income Tax vs. M/s Swatch Group India Pvt. Ltd.: Full Deduction of Advertisement and Brand Promotion Expenses Under Section 37(1) of the Income Tax Act, 1961
Facts of the Case
Assessee
Business Profile: The assessee company operates within
the highly competitive medium and high-end luxury watch segments in India.
Expenditure
Incurred: For the Asse...
Commissioner of Income Tax vs. M.P. Rastogi | Deletion of Penalty Under Section 271(1)(c) of the Income Tax Act, 1961 by ITAT Justified on Factual Findings of Bona Fide Claims and Absence of Concealment of Particulars of Income Even Where Quantum Disallowances Were Accepted by the Assessee
Facts of the Case
The
respondent-assessee filed their Income Tax Return for the Assessment Year
(AY) 1998-99, claiming manufacturing expenditure of ₹2,504,579 and
depreciation on plant and machinery...
CA Yogesh Mahipal v. National Financial Reporting Authority (NFRA) | Professional Misconduct in Statutory Audit of Vikas Proppant & Granite Ltd. – Penalty, Debarment and Audit Failures under Companies Act, 2013
Facts of the CaseThe National Financial Reporting Authority
initiated proceedings against CA Yogesh Mahipal, proprietor of M/s Yogesh
Mahipal & Associates, who acted as Engagement Partner and statutory auditor
of ...
Guardian Industries Corp. vs. Deputy Director of Income Tax: Withdrawal of Writ Petitions under Section 226 of the Constitution of India Post Relief Granted by Income Tax Appellate Tribunal (ITAT)
Facts of the Case
The petitioner, Guardian Industries Corp.,
approached the Hon’ble High Court of Delhi by filing three separate writ
petitions: W.P.(C) No. 14213/2009, W.P.(C) No. 14214/2009, and W.P.(C)...
Guardian Industries Corp. vs. Deputy Director of Income Tax: Withdrawal of Writ Petitions under Article 226 upon Grant of Substantive Relief by the ITAT under Section 254 of the Income Tax Act
Facts of the CaseThe petitioner, Guardian Industries Corp., a foreign
corporate entity, was subjected to tax proceedings in India governed by the
provisions of the Income Tax Act, 1961. Aggrieved by specific actions,
...
Judicial Trends on Section 36(1)(iii) of the Income Tax Act: Assessing Interest Disallowance on Overdraft Capital and the Commercial Expediency of Granting Interest-Free Advances to Sister Concerns
Facts of the Case
The
Revenue filed multiple appeals spanning different assessment years against
a common assessee.
The
Assessing Officer (AO) observed that the assessee had extended
interest-...
Commissioner of Income Tax vs. Assessee | Disallowance of Borrowing Costs and Interest on Overdraft Facilities under Section 36(1)(iii) of the Income Tax Act, 1961
Facts of the Case
The
Assessee's Business: The assessee is an entity engaged in
the business of finance for the accommodation of its sister concerns (and
is not a manufacturing company).
The
A...
Commissioner of Income Tax vs. Escorts Ltd.: Disallowance of Overdraft Interest on Advances to Sister Concerns Under Section 36(1)(iii) of the Income Tax Act
Facts of the Case
The
case encompasses a batch of Income Tax Appeals (ITA Nos. 1062/2009,
1772/2010, 1826/2010, 1827/2010, 90/2010, 1165/2010, 1166/2010, 1167/2010,
1169/2010 & 1172/2010) preferre...
Commissioner of Income Tax vs. M/s Tinbox Company: High Court Judgement on Section 36(1)(iii) of the Income Tax Act, 1961 Regarding the Disallowance of Interest on Overdraft and Borrowed Funds Diverted as Interest-Free Advances to Sister Concerns
Facts of the Case
The
Revenue preferred multiple appeals (ITA Nos. 1062/2009, 1772/2010,
1826/2010, 1827/2010, 90/2010, 1165/2010, 1166/2010, 1167/2010, 1169/2010
& 1172/2010) against the same Ass...