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M/s OPG Metals & Finsec Ltd. vs. Commissioner of Income Tax & Anr.: Validity of Second Reassessment Notice Under Section 148 Involving Amalgamated Entities and Accommodation Entries-Change of Opinion vs. Fresh Material Information
Facts of the Case
Return
of Income: The petitioner company, M/s OPG Metals
& Finsec Ltd., filed its return of income for the Assessment Year (AY)
2003-04 on November 28, 2003, declaring a financia...
The Commissioner of Income Tax-IV vs Indian Vaccines Corporation Ltd. – Taxability of Interest Earned from Portfolio Management Scheme During Pre-Operative Period under Section 56 of the Income Tax Act, 1961 (Delhi High Court)
Facts of the CaseThe assessee company was incorporated for manufacturing human
vaccines using technology developed by Pasteur Merieux Serums et Vaccines,
France. The company received substantial financial grants ...
Commissioner of Income Tax-II vs. M/S Leroy Somer & Controls (India) Pvt. Ltd.: Delhi HC on Pre-requisites of Section 271G Penalty & Rule 10D Compliance
Facts of the Case
Assessee
Profile & Filing: The respondent-assessee entered into
international transactions, utilizing Comparable Uncontrolled Price (CUP)
comparability for export sales and the T...
The Commissioner of Income Tax-IV vs Indian Vaccines Corporation Ltd. – Taxability of Interest Earned from Portfolio Management Scheme During Pre-Operative Period under Section 56 of the Income Tax Act, 1961 (Delhi High Court)
Facts of the CaseThe assessee company was incorporated for manufacturing human
vaccines using technology developed by Pasteur Merieux Serums et Vaccines,
France. The company received substantial financial grants ...
Commissioner of Income Tax, Delhi-IV vs. DCM Limited: Can Penalty Under Section 271(1)(c) Be Imposed For Making an Erroneous Legal Claim During Scrutiny Assessment When All Material Facts Are Disclosed?
Facts of the Case
The
respondent/assessee (DCM Limited) filed its original return for the
Assessment Year 2002-03, which was subsequently revised multiple times.
During
the pending scrutiny assessm...
Raghav Bahl Vs. Commissioner of Income Tax (Delhi High Court) – Validity of Proceedings under Sections 158BD & 158BE of the Income-tax Act Where Satisfaction Was Recorded Beyond Statutory Limitation Period
Facts of the Case
A
search operation under the Income-tax Act was conducted against Mr.
Manoj Aggarwal on 03.08.2000.
Block
assessment proceedings of the searched person were completed under Sectio...
COMMISSIONER OF INCOME TAX XI vs. GOKUL CHAND HARI CHAND Allowability of Machinery Maintenance Expenses as Current Repairs under Section 31(i) vs. Capital Expenditure and Rejection of Remand Plea against Cryptic Assessment Order
Facts of the Case
Assessee
Business: The respondent-assessee operated a stone
crusher unit at Faridabad.
Expenditure
Claimed: During the Assessment Year 2008-09, the
assessee claimed a deduct...
Speciality Food India Pvt. Ltd. v. Commissioner of Income Tax, ITA No. 51/2014, Delhi High Court (2014:DHC:1302-DB): Whether Penalty under Section 271(1)(c) can be Levied for a Bona Fide and Debatable Depreciation Claim
Facts of the Case
The
assessee, Speciality Food India Pvt. Ltd., was engaged in the composite
business of manufacturing and trading food products intended for human and
animal consumption.
Manufact...
CIT vs. Sam Global Securities Ltd. | Plenary Appellate Powers vs. Procedural Restrictions under Section 139(5)
Facts of the CaseThe respondent-assessee filed its original return of income
for the Assessment Year (AY) 2001-02 on October 31, 2001, declaring a taxable
income of ₹1,72,910. Subsequently, a notice for scrutiny asse...
Commissioner of Income Tax vs. M/S Handicrafts and Handlooms Export Corpn. of India Ltd.
Facts of the Case
The
Parties: The Appellant is the Commissioner of Income
Tax (Revenue) , and the Respondent-Assessee is M/s Handicrafts and
Handlooms Export Corporation of India Ltd., a Govern...