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Commissioner of Income Tax-IV vs M/s Devasan Investment Pvt. Ltd. – Whether Profit from Sale of Shares is Taxable as Business Income or Short-Term/Long-Term Capital Gains under Sections 10(38) & 111A of the Income Tax Act, 1961
Facts of the Case
The
assessee company declared income from sale of shares as Short-Term
Capital Gain (STCG) and Long-Term Capital Gain (LTCG) for
Assessment Years 2006–07 and 2007–08.
The
...
Commissioner of Income Tax-IV vs M/s Devasan Investment Pvt. Ltd. – Whether Profit from Sale of Shares is Taxable as Business Income or Short-Term/Long-Term Capital Gains under Sections 10(38) & 111A of the Income Tax Act, 1961
Facts of the Case
The
assessee company declared income from sale of shares as Short-Term
Capital Gain (STCG) and Long-Term Capital Gain (LTCG) for
Assessment Years 2006–07 and 2007–08.
The
...
Commissioner of Income Tax-IV vs M/s D&M Components Ltd. | Delhi High Court on Short-Term Capital Gain vs Business Income under Income Tax Act
Facts of the CaseThe assessee, M/s D&M Components Ltd., during Assessment
Year 2006–07 was engaged in business relating to auto spare parts and also
invested in bonds, mutual funds and securities. During scrutiny...
Commissioner of Income Tax-IV Vs. M/s D&M Components Ltd. – Whether Frequent Share Transactions and Short Holding Period Constitute Business Income or Short-Term Capital Gains under the Income Tax Act
Facts of the CaseThe assessee, M/s D&M Components Ltd., was engaged in the
business of dealing in auto spare parts and was also making investments in
bonds, mutual funds, and securities during Assessment Year 2006â...
Commissioner of Income Tax, Delhi-I vs Agile Properties Pvt. Ltd. – Scope of Section 69B and Whether DVO Valuation Alone Can Justify Addition for Alleged Undisclosed Investment
Facts of the CaseThe assessee purchased agricultural land situated at
Najafgarh, New Delhi during Assessment Year 2007–08 and disclosed the
investment amount at Rs.5,22,78,280 in its books of account. During assessme...
M/s Centrica India Offshore Pvt. Ltd. vs Commissioner of Income Tax-I & Ors.: Delhi High Court on Secondment of Employees, Service Permanent Establishment (PE), Reimbursement of Salary and TDS under Section 195 of the Income Tax Act
Facts of the CaseM/s Centrica India Offshore Pvt. Ltd. (CIOP), an Indian
company and wholly owned subsidiary of Centrica Plc., United Kingdom, was
established to provide support services relating to outsourced operatio...
Radials International vs Assistant Commissioner of Income Tax (Delhi High Court) – PMS Transactions: Capital Gains vs Business Income under Income Tax Act
Facts of the Case
Radials
International was a partnership firm engaged in providing technical,
marketing and maintenance services relating to earth mover, aircraft and
truck tyres and also traded in t...
Radials International vs Assistant Commissioner of Income Tax (Delhi High Court) – PMS Transactions: Capital Gains vs Business Income under Income Tax Act
Facts of the Case
Radials
International was a partnership firm engaged in providing technical,
marketing and maintenance services relating to earth mover, aircraft and
truck tyres and also traded in t...
Samsung India Electronics Pvt. Ltd. vs Deputy Director of Income Tax & Others | Reassessment under Sections 148, 195, 20
Facts of the Case
Samsung India Electronics Pvt. Ltd. was a
wholly owned subsidiary of Samsung Electronics Ltd., South Korea.
The company imported raw materials and spare
parts from its parent comp...
Pawan Kumar Aggarwal vs Commissioner of Income Tax – Rectification under Section 154 for Wrong Disclosure of STT Claim under Section 88E in Return of Income
Facts of the CaseThe assessee filed a return for Assessment Year 2008–09
declaring total income of approximately ₹34.56 lakhs. Tax payable along with
surcharge and education cess amounted to ₹1,16,950.The assesse...