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Commissioner of Income Tax, Delhi-I, New Delhi vs Aerens Infrastructure & Technology Ltd. | Reassessment under Sections 147, 148 & Reference to DVO under Section 142A Without Prior Finding of Unexplained Investment – Delhi High Court
Facts of the Case
The
assessee filed its income tax return declaring income of ₹1,60,450.
During
assessment proceedings, the Assessing Officer (AO) noticed that the
assessee had purchased a prope...
The Institute of Chartered Accountants of India (ICAI) & Anr. vs. Director General of Income Tax (Exemptions), Delhi & Ors. – Scope of Charitable Purpose under Sections 2(15) and 10(23C)(iv) of the Income Tax Act, 1961 (Delhi High Court)
Facts of the CaseThe Institute of Chartered Accountants of India (ICAI) and
its President challenged the order dated 19.05.2009 passed by the Director
General of Income Tax (Exemptions), rejecting ICAI’s application ...
Director of Income Tax (Exemptions) vs. The Institute of Chartered Accountants of India (ICAI) – Whether Coaching Activities of ICAI Constitute Business Activity and Violate Section 11(4A) of the Income Tax Act, 1961
Facts of the CaseThe Institute of Chartered
Accountants of India (ICAI) is a statutory body established under the Chartered
Accountants Act, 1949 for regulating the profession of Chartered Accountants in
India.
ICA...
Commissioner of Income Tax-II v. Monnet Power Ltd. (2011) – Deductibility of Pre-Operative Expenses and Interest on Borrowed Funds for Expansion of Existing Business under Sections 36(1)(iii) and 37(1) of the Income Tax Act
Facts of the CaseM/s Monnet Power Ltd., engaged in the manufacture and sale of
ferro alloys and generation and sale of power, filed its return for Assessment
Year 2003-04 declaring a loss. During assessment proceedings...
Director of Income Tax (Exemption) vs. Commerce Teachers Association | Registration under Section 12AA Cannot Be Subject to Unwarranted Conditions Restricting Collection of Fees – Delhi High Court
Facts of the CaseThe respondent, Commerce Teachers Association, was a society
registered under the Societies Registration Act, 1860. The society claimed to
be a welfare organization pursuing charitable objectives and h...
Dalmia Pvt. Ltd. vs. Commissioner of Income Tax, Delhi-10 & Another (2011) – Reassessment under Sections 147/148 Valid Where Assessee Failed to Fully and Truly Disclose Details of Sundry Creditors
Facts of the CaseThe petitioner company filed its return for Assessment Year
2003-04 declaring a loss of Rs. 29,68,536. During scrutiny assessment under
Section 143(3), the Assessing Officer examined sundry credi...
Commissioner of Income Tax, Delhi vs. Mahesh Kumar (2011) – Addition under Section 69 for Unexplained Jewellery and Property Investment Deleted Due to CBDT Jewellery Guidelines and Marginal DVO Valuation Difference
Facts of the CaseA search and seizure operation was conducted at the premises
of the assessee, Mahesh Kumar. During the search, cash and jewellery valued at
₹12,12,891 were found and seized.The assessee initially sub...
Commissioner of Income Tax v. Samsung India Electronics Ltd. – Royalty Payment, Delayed Payment Interest to SSI Units and Factory Renovation Expenditure Held as Revenue Expenditure | Sections 36(1)(vii) & 37(1) of the Income Tax Act
Facts of the Case
The
assessee paid royalty to Samsung Corning Co. Ltd. in connection with its
business operations.
The
Assessing Officer questioned whether such royalty payment constituted
c...
Commissioner of Income Tax v. Assessee – Withdrawal of High Court Appeal to Challenge ITAT Rectification Order under Section 254(2) of the Income-tax Act, 1961 | Delhi High Court
Facts of the Case
The
assessee had filed an appeal before the Income Tax Appellate Tribunal
raising various grounds.
The
Tribunal dismissed the appeal by order dated 22 December 2010.
According
...
Commissioner of Income Tax vs. [Assessee Company] – Royalty Payment, Interest on Delayed Payment to SSI Units & Factory Renovation Expenses Held as Revenue Expenditure under Section 37(1), Income-tax Act, 1961 | Delhi High Court
Facts of the CaseThe Revenue filed appeals challenging the orders passed by
the Income Tax Appellate Tribunal (ITAT) in favour of the assessee.Three principal issues arose for consideration:
Whether
royalty paid...