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Commissioner of Income Tax-II vs. Julania Finance Pvt. Ltd.: Scope of Section 68 on Share Application Money When Identity of the Investor is Established and Onus of Proof Lies on Revenue to Prove Source from Assessee’s Coffers
Facts of the Case
The
respondent-assessee, M/s Julania Finance Pvt. Ltd., received share
application money amounting to ₹60,000,000/- during the Assessment Year
2006-2007.
The
Assessing Off...
Commissioner of Income Tax vs. M/s Jay Rapid Roller Ltd. (In Liquidation) | Depreciation on Fixed Assets Without Supporting Purchase Vouchers – Matter Remanded for Fresh Examination | Delhi High Court
Facts of the
Case
The assessee, M/s Jay Rapid Roller Ltd., claimed substantial
depreciation on fixed assets for Assessment Years 1997-98 and 1998-99.
During assessment proceedings, the Assessing Officer requir...
Commissioner of Income Tax, Delhi-III vs. M/s. Jaipur Golden Transport Co. (Regd.) – Scope of Section 50 of Income Tax Act, 1961: Validity of Enhancing Asset Value and Referrals to Departmental Valuation Officer (DVO) without Evidence of Concealed Consideration or Rejection of Books of Accounts
Facts of the CaseThe Revenue (Appellant) filed an appeal under Section 260A of
the Income Tax Act, 1961, challenging the order dated 27th November, 2003,
passed by the Income Tax Appellate Tribunal (ITAT) in ITA No. 78...
Ritz Theatre v. Income Tax Officer (Delhi High Court) – Reassessment Proceedings Cannot Be Reopened on Issue of Service of Notice Already Concluded by Tribunal After Limited Remand
Facts of the Case
The assessee, Ritz Theatre, filed returns of income for the
relevant assessment years.
The Assessing Officer noticed that the assessee had disclosed
income under VDIS, 1997 but had faile...
Ritz Theatre v. Income Tax Officer (Delhi High Court) – Reassessment Proceedings Cannot Be Reopened on Issue of Service of Notice Already Concluded by Tribunal After Limited Remand
Facts of the Case
The assessee, Ritz Theatre, filed returns of income for the
relevant assessment years.
The Assessing Officer noticed that the assessee had disclosed
income under VDIS, 1997 but had faile...
Commissioner of Income Tax vs. United Hotels Ltd: Dismissal of Revenue's Appeal on Covered Matters Under the Income Tax Act, 1961
Facts of the CaseThe Revenue (Commissioner of Income Tax) preferred two
statutory income tax appeals, registered as ITA 1330/2010 and ITA
1338/2010, before the High Court of Delhi. The respondent in both matters
was U...
Ritz Theatre v. Income Tax Officer (Delhi High Court) – Reopening of Assessment under Sections 147 & 148 of the Income-tax Act – Whether Issue of Non-Service of Notice under Section 148 Can Be Reopened After Tribunal’s Earlier Final Finding
Facts of the Case
The assessee, Ritz Theatre, filed returns of income for Assessment
Years 1990-91, 1991-92, 1992-93, 1995-96 and 1996-97.
The returns were processed under Section 143(1).
During assessment pr...
The Commissioner of Income Tax vs. Jagat Diagnostics Pvt. Ltd. – Scope of Section 68 of the Income Tax Act, 1961 on Share Application Money and Establishment of Shareholder Identity in Private and Public Limited Companies
Facts of the Case
The
respondent assessee, M/s Jagat Diagnostics Pvt. Ltd., filed its return of
income for the Assessment Year 2004-05.
During
the assessment proceedings, the Assessing Officer (AO)...
Commissioner of Income Tax v. Smt. Praveen Nandrajog | Delhi High Court | Validity of Block Assessment Limitation under Sections 158BC, 158BE and Search Proceedings under Section 132 of the Income-tax Act, 1961
Facts of the
CaseSearch and seizure operations under Section 132 of
the Income-tax Act, 1961 were conducted on 19 November 1999 in the G.M. Singh
Group cases. In the case of the respondent-assessee, searches were carr...
Commissioner of Income Tax vs. M/s Vatika Township Pvt. Ltd. – Delhi High Court Rules That Deletion of Additions by ITAT on Unexplained Expenditure Based Solely on Seized Notings Characterized as Projections is a Pure Question of Fact Under Section 260A of the Income Tax Act, 1961
Facts of the Case
The
Revenue filed an appeal under Section 260A of the Income Tax Act, 1961,
challenging the order dated 24th July, 2009, passed by the Income Tax
Appellate Tribunal (ITAT).
The
...