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Commissioner of Income Tax-VI vs United Biotech Pvt. Ltd. (2010) – Share Application Money Addition under Section 68 Cannot Be Sustained When Identity of Corporate Share Applicants Is Established
Facts of the
CaseUnited Biotech Pvt. Ltd. received share application
money amounting to Rs. 51,50,000/- from various corporate entities.
During assessment proceedings, the Assessing Officer treated the amount as
unex...
Commissioner of Income Tax v. HLT Finance (P) Ltd. [2010:DHC:4036-DB] – Addition under Section 68 on Account of Share Application Money Cannot Be Sustained Once Identity of Share Applicants is Established
Facts of the
Case
The assessee, HLT Finance (P) Ltd., had received share application
money amounting to ₹18,00,000.
During assessment proceedings, the Assessing Officer treated the
amount as unexplain...
Container Corporation of India Ltd. vs Assistant Commissioner of Income Tax | Delhi High Court Allows Withdrawal of Income Tax Appeal with Liberty to Re-file | ITA No. 477/2010
Facts of the
CaseContainer Corporation of India Ltd. (the assessee/appellant)
filed an appeal before the Delhi High Court against the Assistant Commissioner
of Income Tax.Prior to the hearing of the appeal, the appell...
Commissioner of Income Tax vs. M/S. Shivani Textiles Ltd.: Levy of Penalty Under Section 271(1)(c) of Income Tax Act, 1961 Not Automatic Upon Disallowance of Claim If Assessee’s Explanation for Writing Off Bad Debts/Investment Loss is Bona Fide Under Explanation 1
Facts of the Case
The
Revenue preferred an appeal under Section 260A of the Income Tax Act,
1961, against the order dated November 30, 2009, passed by the Income Tax
Appellate Tribunal (ITAT) for the ...
Commissioner of Income Tax vs HPS Social Welfare Foundation – Exemption under Sections 11 & 12 Cannot Be Denied Without Proving Violation of Section 13 of the Income-tax Act, 1961 | Delhi High Court
Facts of the
CaseHPS Social Welfare Foundation
was established with charitable objectives including providing educational
assistance such as fees, books, equipment, and scholarships to needy students,
assisting menta...
Director of Income Tax (Exemption) vs. Dharamshila Cancer Foundation and Research Centre: Eligibility of Exemptions Under Sections 11 and 12 of the Income Tax Act, 1961 for Hospitals Alleged to Operate on Commercial Lines
Facts of the CaseThe Revenue (Appellant) filed an appeal under Section 260A of
the Income Tax Act, 1961, challenging an order dated May 14, 2009, passed by
the Income Tax Appellate Tribunal (ITAT) in ITA No. 1223/Del/2...
Commissioner of Income Tax vs. Taruna Auto Pvt. Ltd.: Deletion of Section 68 Unexplained Cash Credits Regarding Share Application Money When Identity, PAN, and Investor Details Are Discharged – Relying on CIT vs. Lovely Exports (P) Ltd.
Facts of the Case
The
Revenue filed an appeal under Section 260A of the Income Tax Act, 1961,
challenging the order dated June 19, 2009, passed by the Income Tax
Appellate Tribunal (ITAT) in ITA No. 1...
Director of Income Tax (Exemption) v. PRADAN Property Holding Trust [2010] 2010:DHC:4041-DB (Delhi High Court)
Facts of the CaseProfessional Assistance for Development Action
(PRADAN), a charitable society registered under the Societies Registration Act,
established PRADAN Property Holding Trust through a registered Trust
Deed...
Judicial Review of Property Acquisition Under Chapter XX-A: Commissioner of Income Tax v. M/s. Green Valley Agro Mills Ltd. — High Court Affirmation That 'Reason to Believe' Cannot Rely on Theoretical Multipliers or General Perceptions Devoid of Tangible Material Under Section 269C of the Income-tax Act, 1961
Facts of the Case
Property
Transaction: The respondent, M/s. Green Valley Agro
Mills Ltd., purchased an immovable property bearing No. L-7, Green Park
Extension, New Delhi, from M/s. Shebang Private L...
Director of Income Tax (Exemptions) vs. Manav Bharti Institute of Child Education & Child Psychology (2010) – Section 11 Exemption Cannot Be Denied Unless Payments to Specified Persons Are Proven Excessive Under Section 13(1)(c) of the Income Tax Act
Facts of the
CaseThe assessee, Manav Bharti Institute of Child
Education & Child Psychology, was a charitable educational institution
claiming exemption under Section 11 of the Income Tax Act.During assessment pro...