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Commissioner of Income Tax vs Career Launcher (India) Limited | Delhi High Court | Non-Compete Fee, Interest on Land Acquisition & Write-off of Advances under Sections 37(1), 36(1)(vii), 36(2) and 260A of the Income-tax Act, 1961
Facts of the
CaseThe assessee, Career Launcher (India) Limited, for
Assessment Year 2004-05, claimed deduction of various expenditures including:
Non-compete fee of Rs. 5,40,000 paid to Mr. Vijay Kalyan Jha and
...
Commissioner of Income Tax, Delhi-II vs. M.M.T.C. Ltd. (Delhi High Court) – Deductibility of Business Loss Incurred Under Consignment and Distribution Agreement
Facts of the CaseThe Department of Fertilizers, Ministry of
Chemicals and Fertilizers, Government of India awarded a contract to Paradeep
Phosphates Ltd. (PPL), a public sector undertaking.Subsequently, PPL entered int...
Commissioner of Income Tax-VII vs. Vivek Bikki Kacker (2010) – Addition under Section 69 Based Solely on DVO Valuation Report Not Sustainable in Absence of Evidence of Understatement of Purchase Consideration
Facts of the
CaseThe assessee, Mr. Vivek Bikki Kacker, filed his
return of income for Assessment Year 2003-04 declaring income of ₹2,47,691.During scrutiny assessment, the Assessing Officer
noticed that the assessee...
Commissioner of Income Tax v. Reliance International Corp. Pvt. Ltd. (2010) 327 ITR – Section 68 Cash Credit Addition – Assessee Failed to Prove Identity, Creditworthiness and Genuineness of Creditors | Delhi High Court
Facts of the
CaseFor the assessment year under consideration, the
assessee-company disclosed loans aggregating to ₹17,10,000 allegedly received
from five parties:
Gayatri Tech. Services – ₹7,75,000
S.K. Mehr...
Commissioner of Income Tax vs. M/s. Xerox Modicorp Limited | Validity of Reassessment Proceedings Under Section 147 vs. Disallowance of Investment Allowance Under Section 32A of the Income Tax Act, 1961 for Manufacture of Office Machinery Listed Under Eleventh Schedule
FACTS OF THE CASE
Assessee’s
Business Operations: The respondent-assessee, M/s. Xerox
Modicorp Limited, was actively engaged in the industrial manufacturing and
commercial marketing of xerographic m...
Commissioner of Income Tax vs. Inderpal Chawla | Delhi High Court Upholds Admission of Additional Evidence under Rule 46A and Restricts Addition to Peak Credit under Sections 68 & 69 of the Income Tax Act
Facts of the
Case
The Assessing Officer made an addition of ₹29,80,995 treating
certain deposits as unexplained income under Sections 68 and 69 of the
Income Tax Act, 1961.
During appellate proceedings...
Commissioner of Income Tax vs. M/s Xerox Modicorp Limited | Validity of Reassessment Proceedings Under Section 147 and Entitlement to Investment Allowance Under Section 32A read with Eleventh Schedule for Xerographic Machine Manufacturers | Delhi High Court Judgment Case Law
FACTS OF THE CASE
Assessee
Business Operations: The Respondent-Assessee, M/s Xerox
Modicorp Limited, was engaged in the manufacturing and commercial
distribution of xerographic machines, toners, devel...
Commissioner of Income Tax vs. M/s Triveni Engineering Works Ltd. (Delhi High Court) – Revision under Section 263 Cannot Be Invoked Against IAC Assessment Orders Prior to 01.10.1984
Facts of the
Case
The dispute related to Assessment Year 1979-80.
The assessment was completed on 27 February 1982 under Section
143(3) by the Inspecting Assistant Commissioner (Assessment), Range-III.
The a...
Commissioner of Income Tax v/s Xerox Modicorp Limited: Legality of Section 147 Reassessment Proceedings Initiated Beyond Four Years to Withdraw Section 32A Investment Allowance and Section 80-I Deductions on Prohibited Eleventh Schedule Office Machines and Photocopiers
Facts of the Case
Business
Profile: The respondent-assessee, M/s. Xerox Modicorp
Limited, was actively engaged in the industrial manufacturing and
commercial distribution of xerographic machines, tone...
Commissioner of Income Tax v. AKS Alloys (P) Ltd. | No Taxability of Interest on Accrual Basis Where Recovery Becomes Uncertain – Application of Real Income Theory | Delhi High Court
Facts of the
CaseFor Assessment Year 2001-02, the assessee company
filed its return declaring income of ₹10,208.During assessment proceedings, the Assessing
Officer observed that the assessee had invested ₹130 lak...