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Commissioner of Income Tax, Delhi-VIII vs. Shailesh Jain (Delhi High Court) – Addition of Disclosed Fixed Deposit Investments Cannot Be Made in Block Assessment under Sections 132 & 158BC of the Income Tax Act
Facts of the CaseThe case arose from a search and seizure operation
conducted under Section 132 of the Income Tax Act at the residential premises
of the assessee, Shri Shailesh Jain, on 11 January 2001. During the sear...
Commissioner of Income Tax vs. Triveni Engineering & Industries Ltd. – Deductibility of Approved Gratuity Fund Provisions under Section 40A(7)(b) vs Section 43B and Claiming 100% Depreciation Individually by Amalgamating and Amalgamated Companies on the Same Asset Prior to the Finance Act, 1996 Amendment to Section 32(1)
1. Facts of the Case
The
revenue filed appeals against the assessee, M/s Triveni Engineering &
Industries Ltd., involving identical issues across multiple assessment
years, primarily focusing on A...
Commissioner of Income Tax, Central-III v. Shri Ram Hari Ram [2010] 2010:DHC:11017 (Delhi High Court) – Reassessment Quashed Due to Absence of Recorded Reasons and Invalid Service of Notice under Section 148 of the Income Tax Act
Facts of the
CaseThe assessee did not file its return of income for
Assessment Year 1993-94 by the prescribed due date of 31 October 1993.
Consequently, the Assessing Officer issued a notice under Section 148 of the
...
Commissioner of Income Tax vs. M/s. Siltech Engineering (P) Ltd.: Best Judgment Assessment Under Section 144 Set Aside Due to Lack of Reasonable Nexus and Arbitrary Income Estimation Without Quasi-Judicial Material Collection
Facts of the Case
On
November 28, 2006, the respondent-assessee filed its return of income for
the Assessment Year 2006-2007, declaring a loss of Rs. 16,394/-.
The
return was processed under Sectio...
Lachman Dass Bhatia vs. Assistant Commissioner of Income Tax: Delhi High Court Full Bench Judgment on the Maintainability of Tax Appeals Under Section 260A Against ITAT Rectification and Amendment Orders Passed Under Section 254(2) of the Income Tax Act, 1961
Facts of the CaseA batch of appeals (ITA Nos. 724/2010 to 729/2010) was filed
before a Division Bench of the Delhi High Court under Section 260A of the
Income Tax Act, 1961, challenging orders arising from rectificatio...
National Council for Cement & Building Material v. Director of Income Tax (Delhi High Court) – Requirement of Committee on Disputes Approval Before Entertaining Litigation Between Government Bodies | W.P.(C) 11921/2009
Facts of the CaseThe petitioner, National Council for Cement
& Building Material through its Director General, filed a writ petition
before the Delhi High Court against the Director of Income Tax.During the hearing...
The Commissioner of Income Tax vs. M/s Shahi Export House: Whether Netting of Interest is Allowable u/s 80HHC of the Income Tax Act on Fixed Deposit Receipts Pledged for Securing Bank Guarantees to Procure Export Quotas having an Immediate Nexus with Export Business
Facts of the Case
Assessee's
Earnings: The assessee earned interest amounting to
Rs. 14,24,027/- on certain Fixed Deposit Receipts (FDRs).
Nature
of Deposits: These deposits were not made out of su...
Commissioner of Income Tax vs. M/s. Vishal Holding & Capital (P) Ltd. — Genuineness of Share Transactions Under Section 68 of Income Tax Act, 1961: Whether Additions for Alleged Accommodation Entries Based Solely on Investigation Wing Reports Without Independent Verification by Assessing Officer are Legally Sustainable?
Facts of the Case
The
respondent-assessee, M/s. Vishal Holding & Capital (P) Ltd., filed a
statutory return of income for the Assessment Year 2000-2001, declaring a
total income of ₹4,024/-, whi...
The Commissioner of Income Tax Vs. Jindal Photo Ltd. – Recomputation and Disallowance of Section 80-IB Deduction via Allocation of Overhead Expenses in Ratio of Turnover Invalidation Based on Devoid of Substantial Question of Law
Facts of the Case
The
respondent-assessee, M/s Jindal Photo Ltd., filed an income tax return
declaring a total income of ₹17,97,37,894/-, which was processed under
Section 143(1) of the Income Tax A...
Commissioner of Income Tax-II, New Delhi vs. M/S Krishna Maruti Ltd.: Delhi High Court Judgement on the Non-Imposition of Penalty Under Section 271(1)(c) of the Income Tax Act, 1961, Affirming That Mere Disallowance of Claims for Deduction Under Section 80-IA, Additional Depreciation, and Bad Debts Does Not Amount to Furnishing Inaccurate Particulars of Income or Concealment
Facts of the Case
The
Assessing Officer (AO) assessed the income of the respondent-assessee at
₹5,21,28,628/- against a declared income of ₹4,49,56,750/- for the
assessment year 1997-98.
The
...