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The Motor and General Finance Ltd. Vs. Income Tax Officer, Ward 25(1) & Anr. | Delhi High Court on Reassessment under Sections 147/148 and Carry Forward of Unabsorbed Depreciation under Section 32(2)
Facts of the CaseThe petitioner-company filed its return of income for
Assessment Year 2010–11 and claimed adjustment of unabsorbed depreciation
amounting to ₹8,76,43,790/- relating to Assessment Year 2001–02. Th...
Procedure followed by the authority once the Initiating Officer (IO) get information about Benami Property
Procedure followed by the authority once the Initiating Officer (IO) get information about Benami Property The procedure followed by the
authority once the Initiating Officer (IO) get information about benami
prop...
Tirupati Balaji Fibres Limited Vs. Assistant Commissioner of Income Tax, Central Circle-28, New Delhi | Delhi High Court | Withdrawal of Writ Petition under Article 226 of Constitution of India | Income Tax Proceedings Challenge
Facts of the CaseTirupati Balaji Fibres Limited instituted five writ petitions
before the Delhi High Court against the Assistant Commissioner of Income Tax,
Central Circle-28, New Delhi. The petitions arose from disput...
Principles of cross examination in income tax proceedings
Principles of cross examination in income tax proceedingsThe issue of cross examination of witnesses in Income Tax proceedings has seen substantial litigation before various appellate fora. Many a time, income tax assess...
Commissioner of Income Tax-VI vs M/s Virat Investment & Mercantile Co. | Allowability of Interest on Borrowed Funds for Rights Issue Subscription under Section 57(iii) of the Income Tax Act, 1961 | Delhi High Court
Facts of the CaseThe assessee, an investment company, had raised funds
amounting to ₹1.50 crore for subscribing to debentures issued by Shreyans
Industries Ltd., in which it already held 28% equity. The borrowing arr...
Compensation on retrenchment – Exemption as per the provisions of Section 10(10(B) of Income Tax Act, 1961
Compensation on retrenchment – Exemption as per the provisions of Section 10(10(B) of Income Tax Act, 1961Any compensation received by a workman under the Industrial Disputes Act, 1947, or under any other Acts or rules...
Admissibility of Circumstantial Evidence in Income Tax proceedings
Admissibility of Circumstantial Evidence in Income Tax proceedings“Men may tell lies, but Circumstances do not”.Meaning of evidenceThe word ‘Evidence’ has been derived from the Latin word ‘evidere’ whic...
Compensation on retrenchment – Exemption as per the provisions of Section 10(10(B) of Income Tax Act, 1961
Compensation
on retrenchment – Exemption as per the provisions of Section 10(10(B) of Income
Tax Act, 1961 Any compensation received by a
workman under the Industrial Disputes Act, 1947, or under any other Acts...
CONCEPT OF PRINCIPLE OF NATURAL JUSTICE IN INCOME TAX PROCEEDINGS
CONCEPT OF PRINCIPLE OF NATURAL JUSTICE IN INCOME TAX PROCEEDINGSPrinciples of natural justice are soul of an administration of justice and need to be adhered to in order to make the order as a just and fair order. The c...
Power of Principal Commissioner or Commissioner to reduce or waive penalty, etc. in certain cases as per the provisions of Section 273A of the Income Tax Act, 1961
Power of Principal Commissioner or Commissioner to reduce or waive penalty, etc. in certain cases as per the provisions of Section 273A of the Income Tax Act, 1961Section 273A empowers the Principal Commissioner or ...