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Commissioner of Income Tax vs. Dalmia Finance Ltd. | Delhi High Court | Section 41(1) of the Income-tax Act, 1961 – Mere Old Outstanding Liabilities Do Not Constitute Remission or Cessation of Liability
Facts of the Case
The assessee, M/s Dalmia Finance Ltd., had reflected certain
outstanding sundry creditors and provisions in its books of account.
During assessment proceedings for Assessment Year 2004-05, the...
Commissioner of Income Tax-IV vs. M/s DCM Technologies Limited (2010) – Software Development Expenditure Held as Revenue Expenditure | Section 37(1) & Section 260A of the Income Tax Act, 1961
Facts of the
CaseThe assessee, M/s DCM Technologies Limited, was
engaged in the business of software development and export. For Assessment Year
2002-03, it filed its return declaring a loss and claimed expenditure of...
Commissioner of Income Tax-XIII vs. Prayag Hospital & Research: Deletion of Section 68 Addition for Bogus Share Capital and Onus of Proving Identity of Share Applicants—Delhi High Court Ruling Follows Supreme Court Precedent in CIT vs. Lovely Exports
Facts of the Case
The
Appellant (Revenue / Commissioner of Income Tax-XIII) filed an appeal
under Section 260A challenging the order dated December 5, 2008, passed by
the Income Tax Appellate Tribunal...
Commissioner of Income Tax vs. M/s Garg & Puri Alias Garg & Puri Associates | Delhi High Court Dismisses Revenue Appeal Following Hotel Blue Moon Principle
Facts of the
Case
The Commissioner of Income Tax preferred Income Tax Appeals Nos.
825/2010 and 868/2010 before the Delhi High Court.
The respondent in both appeals was M/s Garg & Puri Alias Garg
&am...
The Commissioner of Income Tax-III vs. Saroj Metal Work Pvt. Ltd.: Deletion of Purchase Inflation Disallowance by ITAT Sustained under Section 260A Due to Lack of Substantial Question of Law
Facts of the Case
Business
Profile: The Respondent-Assessee was a manufacturer
of LPG cylinders. It supplied these cylinders to three major oil public
sector undertakings (PSUs), namely Bharat Petrole...
Commissioner of Income Tax vs. M/s Bhag Chand Ajay Kumar | Delhi High Court Dismisses Revenue Appeal Following Hotel Blue Moon Principle
Facts of the CaseThe Commissioner of Income Tax filed Income Tax
Appeals No. 819 of 2010 and 870 of 2010 before the Delhi High Court against M/s
Bhag Chand Ajay Kumar. During the hearing, counsel appearing for the Reve...
Commissioner of Income Tax vs. Vikhyat Properties Pvt. Ltd. (2010) – Deletion of Section 68 Addition on Account of Share Application Money and the Principle of 'Source of Source'
Facts of the CaseThe respondent-assessee, M/s Vikhyat Properties Pvt. Ltd.,
received an aggregate sum of ₹2,22,75,000/- towards share capital from multiple
investors during the assessment year 1999-2000. In support o...
Commissioner of Income Tax Vs. Asian Technocrates P.Ltd. (2010): Delhi High Court Ruling on the Imposition of Notional Interest Not Due or Collected under Section 260A of the Income Tax Act, 1961
Facts of the Case
The
Revenue Department (Commissioner of Income Tax) filed appeals (ITA
931/2010 and ITA 932/2010) before the High Court of Delhi at New Delhi
against the assessee, Asian Technocrates...
Commissioner of Income Tax v. Raj Kumar Gupta & Connected Matters [2010] 2010:DHC:12089 (Delhi High Court) – Section 40A(3) Disallowance Not Applicable to Kachha Arhatia Commission Agents Procuring Agricultural Produce
Facts of the
CaseThe Revenue preferred multiple appeals under
Section 260A of the Income-tax Act, 1961 against a common order passed by the
Income Tax Appellate Tribunal (ITAT). The dispute pertained to Assessment Yea...
Commissioner of Income Tax v. Ram Lal Gupta (2010) – Section 40A(3) Disallowance Not Applicable to Kachha Arhtiya Acting as Commission Agent for Procurement of Agricultural Produce | Delhi High Court
Facts of the
CaseThe assessee, Ram Lal Gupta, was engaged in the
business of a Kachha Arhtiya dealing in procurement of agricultural
commodities for mill owners and earning commission on such transactions. During
ass...