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Commissioner of Income Tax vs. Modipon Ltd.: Reassessment Under Section 147 Quashed as Mere Change of Opinion Absent New Tangible Material
Facts of the Case
The
assessment of the Respondent-Assessee (Modipon Ltd.) for the relevant
assessment year was originally completed under Section 143(3) of the
Income Tax Act, 1961, on January 30, 20...
Motor General Finance Ltd. vs. Commissioner of Income Tax: Taxability of Written-Off Unclaimed Balances under Section 40A(5) of the Income-Tax Act, 1961
Facts of the CaseThe assessee, Motor General Finance Ltd., is a limited company
engaged in financing the purchase of commercial vehicles through hire-purchase
agreements. Under the standard contractual terms, the hirer...
Madhu Rani Mehra vs. Commissioner of Income Tax: Valuation of Opening Stock Transferred to Proprietorship Post-Dissolution of a Partnership Firm
Facts of the Case
The
Assessee (Smt. Madhu Rani Mehra) was a partner with a 50% profit-sharing
ratio in a partnership firm named M/s. Mehrae-Di-Hatti, which dealt
in gold and diamond jewellery.
On
...
Motor General Finance Ltd. vs. Commissioner of Income Tax: Taxability of Unclaimed Balances Written Off under Section 41(1) / Section 28(i) of the Income Tax Act
Facts of the Case
The
Assessee's Business: The assessee, Motor General Finance
Ltd., is a limited company engaged in the business of financing commercial
vehicles under hire-purchase agreements....
Commissioner of Income Tax vs. M/s. Purolator India Limited: Deductions u/s 80HHC on DEPB Profit and Credit Utilization
Facts of the Case
The
respondent-assessee, M/s. Purolator India Limited, claimed
deductions under Section 80HHC.
The
Income Tax Appellate Tribunal (ITAT) passed a brief order directing the
Ass...
Commissioner of Income Tax vs. Virgin Securities & Credits Pvt. Ltd. (2011) – Delhi High Court on Rule 46A Additional Evidence and Expense Allocation to Sister Concerns
Facts of the CaseThe appellant (Revenue Department) challenged the order of the
Income Tax Appellate Tribunal (ITAT), which had dismissed the Revenue's appeal
against the Commissioner of Income Tax (Appeals) [CIT(A)]. ...
Neeraj Gupta & Anr. vs. Arun S. Bhatnagar, Commissioner of Income Tax — Contempt of Court for Non-Release of Seized Assets under the Income Tax Act
2. Facts of the Case
The
petitioners (Neeraj Gupta & Anr.) filed a contempt petition
alleging non-compliance with a judgment dated 05.07.2010 passed by
a Division Bench of the Delhi High Court in ...
Director General of Income Tax (Admn.) & Anr. v. Board for Industrial & Financial Reconstruction & Ors. | Binding Nature of SICA Sanctioned Rehabilitation Schemes under Section 19(2)
Facts of the CaseThe Income Tax Department ("the Department") filed
a series of connected writ petitions (WP (C) Nos. 1940, 1942, 1943, 1945,
1946, 1948-1958 of 2011) under Article 226 of the Constitution of India.
Th...
Commissioner of Income Tax vs. Bindals Apparels | Rejection of Books of Accounts Under Section 145 & Scope of Survey Under Section 133A
Facts of the Case
The
assessee, M/s. Bindals Apparels, is a partnership firm constituted in July
1997, engaged in the trading of garments and other lifestyle items like
artificial jewelry, purses, and...
Commissioner of Income Tax vs. Paramount Impex Pvt. Ltd. & Others: Delhi High Court Judgment on Remand of Export Profit Deductions under Section 80HHC and the Taxability of DEPB Credit Sales under Section 28
Facts of the CaseThe Income Tax Appellate Tribunal (ITAT) had allowed
deductions under Section 80HHC of the Income Tax Act, 1961, to various
assessees in a batch of appeals. In passing these brief orders, the Tribunal
...