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Commissioner of Income Tax vs. AKS Farms Pvt. Ltd.: Analysis of Mutual Fund Trading Loss and Taxability of Gifts Under the Income Tax Act
Facts of the CaseThe Revenue (Appellant) challenged an order passed by the
Income Tax Appellate Tribunal (ITAT) which had granted relief to the Assessee,
AKS Farms Pvt. Ltd. (Respondent). The primary disputes involved ...
Commissioner of Income Tax vs. Smt. Bela Jain: Assessment Reopening Based on Retracted Statement under Section 147/148 of the Income-Tax Act
Facts of the CaseDuring a search operation conducted in February 1995 on the
residential premises of the assessee and the Big Jo’s Group, a statement was
recorded from the assessee under Section 132(4) of the Income-...
Commissioner of Income Tax vs. Modipon Ltd.: Deletion of Disallowance on Bad Debts Written Off Under Section 36(1)(vii) and the Exclusion of Provision for Doubtful Debts from Book Profits Under Section 115JB of the Income Tax Act
Facts of the Case
The
assessee, Modipon Ltd., filed its income tax return claiming deductions
for certain amounts written off as bad debts under Section 36(1)(vii) of
the Income Tax Act, 1961.
The
...
Jurisdiction and Validity of Reassessment Notices: Commissioner of Income Tax vs. Sh. Ranjeet Singh [2010:DHC:9693-DB]
Facts of the CaseThe respondent-assessee, a resident of Delhi, regularly filed
income tax returns with the DCIT, Circle 21(2), Delhi. The assessee owned land
in Ghaziabad, which was acquired by the authorities, resulti...
Jurisdiction and Procedural Validity of Reopening Assessments: Commissioner of Income Tax vs. Sh. Ranjeet Singh (Delhi High Court)
Facts of the CaseThe respondent-assessee was a regular taxpayer assessed under
the jurisdiction of the DCIT, Circle 21(2), New Delhi. The Income Tax Officer
(ITO), Ward-2(2), Ghaziabad, issued a notice to the assessee ...
Commissioner of Income Tax vs. M/s Bina Gupta Scope of Section 37(1) vs Section 43(5) on Business Damages and Interest Disallowance: Delhi High Court Clarifies ITAT’s Remand Powers
Facts of the CaseThe appellant assessee was engaged in the business of
importing pulses and PVC resins and making sales on a wholesale basis. During
the relevant assessment year (A.Y. 2007-08), the appellant entered in...
Interpretation of Section 36(1)(vii) of the Income Tax Act: Commissioner of Income Tax vs. Vistar Construction Pvt. Ltd. (Delhi High Court)
Facts of the CaseThe Revenue (Commissioner of Income Tax) filed an appeal
against the order of the Income Tax Appellate Tribunal (ITAT) concerning the
Assessment Year 2004-2005. The respondent, M/s Vistar Construction ...
Commissioner of Income Tax vs. J.J. Jindal Infin Pvt. Ltd.: Delhi High Court Ruling on Section 68 and Share Application Money
Facts of the CaseThe appeal was filed by the Revenue under Section 260A of the
Income Tax Act, 1961, challenging the order of the Income Tax Appellate
Tribunal (ITAT). The Assessing Officer (AO) had made an addition of...
Jurisprudential Analysis: Burden of Proof and Addition of Share Application Money under Section 68 of the Income Tax Act – Commissioner of Income Tax vs. Derby Overseas P. Ltd.
Facts of the CaseThe Respondent-Assessee, Derby Overseas P. Ltd., received
share application money during the Assessment Years 2001-2002 and 2002-2003.
The Assessing Officer (AO), relying on the statement of a third pa...
Comprehensive Analysis of The Commissioner of Income Tax (LTU) vs. Nestle India Ltd.: Defining the Boundaries of Penalty under Section 271(1)(c)
Facts of the CaseThe Commissioner of Income Tax (LTU) initiated an appeal under
Section 260A of the Income Tax Act, 1961, to challenge an order issued by the
Income Tax Appellate Tribunal (ITAT) on November 6, 2009. Th...