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Commissioner of Income Tax, Delhi-IV vs Gee Kay Finance & Leasing Co. Ltd. | Reassessment u/s 148 Beyond Four Years Without Mandatory Sanction u/s 151(1) Held Invalid | Delhi High Court
Facts of the CaseThe assessee filed its return declaring loss, which was
initially processed under Section 143(1). Subsequently, scrutiny assessment was
completed under Section 143(3), determining the loss at ₹29,94,...
Principal Commissioner of Income Tax-7 vs M/s Rathi Ispat Pvt. Ltd. | Section 68 of the Income Tax Act, 1961 | Addition on Share Premium and Calls in Arrears in Public Issue – Burden of Proof and Identity of Shareholders
Facts of the CaseThe dispute arose from an addition of ₹1,78,51,005/-
made by the Assessing Officer under Section 68 of the Income Tax Act, 1961
on account of share premium and calls in arrears received by the assess...
Principal Commissioner of Income Tax-7 vs Pavitra Commercial Ltd. | Delhi High Court on Capital Gains vs Business Income Classification and Taxability of Interest on Doubtful Deposits under Mercantile System
Facts of the CaseThe Revenue challenged the order of the Income Tax Appellate
Tribunal (ITAT), which upheld the order of the Commissioner of Income Tax
(Appeals) in favour of the assessee. The dispute concerned whether...
Principal Commissioner of Income Tax-7 vs Pavitra Commercial Ltd. | Delhi High Court on Capital Gains vs Business Income and Taxability of Interest on Doubtful Deposits under Mercantile System
Facts of the CaseThe assessee, Pavitra Commercial Ltd., was engaged in
investment and securities business and maintained two separate portfolios,
namely investment portfolio and stock-in-trade portfolio. During the rel...
Principal Commissioner of Income Tax-7 vs Pavitra Commercial Ltd. | Delhi High Court on Capital Gains vs Business Income and Taxability of Interest on Doubtful Deposits under Mercantile System
Facts of the CaseThe assessee, Pavitra Commercial Ltd., was engaged in
investment and securities business and maintained two separate portfolios,
namely investment portfolio and stock-in-trade portfolio. During the rel...
Principal Commissioner of Income Tax–7 vs Pavitra Commercial Ltd. | Delhi High Court on Capital Gains vs Business Income Classification and Taxability of Doubtful Interest Income under the Real Income Theory (Section 45, Section 28 & Section 145, Income Tax Act, 1961)
Facts of the CaseThe assessee, Pavitra Commercial Ltd., was engaged in
investment and securities business and maintained separate portfolios for stock-in-trade
and investment holdings. During the relevant assessment ye...
M/s Abhipra Capital Ltd. vs Deputy Commissioner of Income Tax (Investigation) – Delhi High Court | NSE Membership Fee Held as Capital Expenditure under Sections 37(1), 32(1)(ii), 2(14) & 260A of the Income Tax Act
Facts of the CaseThe appellant, M/s Abhipra Capital Ltd., was incorporated for
carrying on business in shares, stock markets, merchant banking, and financial
services. During the relevant assessment year, it acquired m...
M/s Abhipra Capital Ltd. vs Deputy Commissioner of Income Tax (Investigation) – NSE Membership Fee Held as Capital Expenditure under Sections 37(1), 32(1)(ii) & 2(14) of the Income Tax Act
Facts of the CaseThe assessee, M/s Abhipra Capital Ltd., was incorporated with
the principal object of carrying on business in shares, stock markets, merchant
banking and financial services. During Assessment Year 1996...
Pr. Commissioner of Income Tax-21 vs Dr. Vandana Gupta (Delhi High Court) – Penalty under Section 271(1)(c) on Voluntary Income Surrender after Survey under Section 133A of the Income Tax Act
Facts of the CaseThe assessee, a medical practitioner, originally filed her
income tax return declaring total income of ₹9,18,060. During the pendency of
assessment proceedings, the Revenue conducted a survey under S...
Commissioner of Income Tax vs. M/s Prasidh Leasing Ltd. | Delhi High Court | Deemed Dividend under Section 2(22)(e) of Income Tax Act, 1961 | Trade Advance vs Loan Classification
Facts of the CaseThe assessee, M/s Prasidh Leasing Ltd., had shown M/s Ginza
Industries Ltd. as a sundry creditor in its books, with substantial funds
advanced by Ginza for the alleged procurement of import licenses. T...