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Commissioner of Income Tax, Delhi vs Globus Securities & Finance Pvt. Ltd. – Section 68 Income Tax Act | Share Capital, Share Premium, Accommodation Entries & Burden of Proof in Private Companies
Facts of the
Case
The assessee, Globus Securities & Finance Pvt. Ltd., received a
total amount of ₹51,10,000 from six different corporate entities towards
share capital and share premium during Asses...
Li & Fung India Pvt. Ltd. vs Commissioner of Income Tax – Delhi High Court | Transfer Pricing under TNMM: Whether TPO Can Apply Mark-up on FOB Value of Exports for Determination of Arm’s Length Price
Facts of the
CaseLi & Fung India Pvt. Ltd. (LFIL) was a wholly
owned subsidiary of Li & Fung (South Asia) Ltd., Mauritius and acted as a
captive offshore sourcing service provider. Its Associated Enterprise in...
Lease Plan India Limited vs Deputy Commissioner of Income Tax | Delhi High Court on Invalid Reassessment under Sections 147 & 148 of Income Tax Act for Absence of Proper “Reason to Believe”
Facts of the
Case
Lease Plan India Limited filed its return for AY 2005–06 and the
matter was subjected to scrutiny assessment under Section 143(3) of the
Income Tax Act.
The return originally reflecte...
Commissioner of Income Tax, Delhi vs. Sudhir Budhraja – Delhi High Court Upholds Genuine Foreign Gift, Deletes Addition under Sections 68 & 69 of Income Tax Act
Facts of the CaseThe assessee, a Chartered Accountant, filed his income tax return for
Assessment Year 1995–96 declaring professional income. During scrutiny, it was
noticed that apart from consultancy receipts from ...
Commissioner of Income Tax-XV vs Bharti Mishra – Delhi High Court Holds Section 54F Exemption Cannot Be Denied Merely Because Construction of Residential House Started Before Sale of Original Asset | ITA No. 567/2013
Facts of the
CaseThe respondent-assessee, an individual taxpayer,
sold shares and earned sale proceeds amounting to ₹54,86,965. The assessee
claimed exemption under Section 54F of the Income Tax Act by investing the...
Pr. Commissioner of Income Tax-5 vs JKD Capital & Finlease Ltd Delhi High Court Clarifies Limitation for Penalty Proceedings under Section 271E: Penalty for Violation of Section 269T Cannot Be Imposed Beyond the Statutory Time Limit under Section 275(1)(c)
Facts of the CaseThe Revenue
filed an appeal under Section 260A of the Income Tax Act, 1961, challenging the
order passed by the Income Tax Appellate Tribunal (ITAT) for Assessment Year
2005–06. The ITAT had upheld ...
Commissioner of Income Tax-IV vs M/s Dixon Technologies (India) Pvt. Ltd. – Delhi High Court on Section 80-IC Deduction for Manufacturing Activity and Eligibility of Units Situated in Notified Areas under the Income Tax Act, 1961
Facts of the
Case
The Revenue filed appeals pertaining to Assessment Years 2004-05
and 2006-07 challenging the grant of deduction under Section 80-IC of the
Income Tax Act.
The assessee was engaged in ma...
Pr. Commissioner of Income Tax (TDS)-I vs M/s Catholic Relief Services (Delhi High Court) – Scope of Interest Liability under Section 201(1A) of the Income Tax Act on Delayed TDS Deposit and Shortfall in Tax Deduction
Facts of the Case
The assessee was
responsible for deducting tax at source on payments made, including salary
components involving expatriate employees.
During assessment
proceedings, certain short...
Pr. Commissioner of Income Tax-08 vs. Shri Jai Shiv Shankar Traders Pvt. Ltd. (Delhi High Court) – Reassessment Invalid Without Mandatory Notice Under Section 143(2) After Section 148 Proceedings
Facts of the CaseThe
assessee filed its return of income for Assessment Year 2008–09, which was
initially accepted under Section 143(1). Thereafter, the Assessing Officer
initiated reassessment proceedings under Sec...
Pr. Commissioner of Income Tax-6 vs Nazar Trading Pvt. Ltd. | Delhi High Court | Withdrawal of Income Tax Appeals with Liberty to Refile | Maintainability & Delay Clarification
Facts of the CaseThe
Revenue, through the Principal Commissioner of Income Tax-6, instituted
multiple income tax appeals before the Delhi High Court against Nazar Trading
Pvt. Ltd. However, during the course of hearin...