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Commissioner of Income Tax (CIT) vs AKS – Delhi High Court Upholds Deletion of Addition for Alleged Undervaluation of Closing Stock | Stock Valuation Method Accepted Consistently | AY 1996-97
Facts of the Case
The assessee maintained stock at its Connaught Place branch,
including old, unfashionable, and shop-spoiled goods.
While valuing closing stock, the assessee adopted a discounted
va...
Commissioner of Income Tax (CIT) vs. Bharat Commerce & Industries Ltd. – Valuation of Obsolete and Shop-Soiled Stock at Discounted Value | Delhi High Court Section 147
Facts of the Case
The assessee maintained stock at different branches, including its
Connaught Place branch.
During Assessment Year 1996-97, the assessee valued certain old,
obsolete and shop-soiled stock...
Commissioner of Income Tax vs. M/s Xerox Modicorp Limited | Delhi High Court | Validity of Reassessment Under Section 147 on Investment Allowance Disallowance for Xerographic Machine Production Under Section 32A and Eleventh Schedule
FACTS OF THE CASE
The
assessee, M/s. Xerox Modicorp Limited, is an industrial establishment
engaged primarily in the manufacturing operations of xerographic machines,
toner, developers, and photorecep...
The Commissioner of Income Tax vs. Smt. Motia Rani Bhatia Appeal under Section 260A of the Income Tax Act, 1961 challenging the deletion of gross profit additions made purely on estimation and surmises without pointing out discrepancies in the audited books of accounts.
Facts of the Case
The
appellant, the Revenue department (Commissioner of Income Tax), preferred
an appeal under Section 260A of the Income Tax Act, 1961, challenging the
order dated 16th October, 2009...
REVENUE APPEAL UNDER SECTION 260A OF THE INCOME TAX ACT, 1961 - THE COMMISSIONER OF INCOME TAX VERSUS M/S YAMAHA MOTOR INDIA PRIVATE LIMITED (ITA NO. 460 OF 2008) REGARDING THE LEGALITY OF DISALLOWANCE OF FOREIGN TRAVEL AND CONVEYANCE EXPENSES UNDER SECTION 37(1) AND THE MANDATE OF PASSING A REASONED COGENT SPEAKING ORDER BY THE ITAT
Facts of the Case
The
Expenditure Claimed: During the assessment year 1999-2000,
the assessee, M/s Yamaha Motor India P. Ltd., debited a massive sum of
₹6.346 crores to its Profit & Loss (P&...
Commissioner of Income Tax vs. Deepak Verma | Ex-Gratia Payment on Resignation vs. Profits in Lieu of Salary under Section 17(3)(i) of Income-Tax Act
Facts of the Case
Assessee
Status and Initial Filing: The respondent, Deepak
Verma, is an individual taxpayer who filed his original income tax return.
For the relevant assessment year, the Assessing ...
Income Tax Reference on Capital vs. Revenue Expenditure: Whether Complete Structural Demolition and Reconstruction of Factory Cell Rooms Constitute Capital Asset Creation, and Whether Replacement of Integrated Plant Machinery Components Qualifies as Allowable Current Revenue Repairs under Sections 31(1) and 37(1) - Commissioner of Income Tax Vs. M/s. Modi Industries Limited
Facts of the Case
During
the assessment year 1982-83, the assessee, M/s. Modi Industries Limited,
claimed a total deduction of ₹26,50,090/- under the head "Repairs of
Plant and Machinery" specifical...
Commissioner of Income Tax vs. Sikka Overseas Pvt. Ltd. (2010) – Addition under Section 68 and Penalty Proceedings Cannot Survive When Assessee Discharges Initial Burden
Facts of the CaseThe Revenue filed two appeals before the Delhi High
Court under Section 260A of the Income Tax Act, 1961 challenging a common order
passed by the Income Tax Appellate Tribunal (ITAT) for As...
Commissioner of Income Tax-V vs Perot Systems TSI (India) Ltd. [Delhi High Court] – Section 10A Exemption on Reimbursement of Expenses and Nature of Lease Rent Expenditure
Facts of the
CaseThe assessee, Perot Systems TSI (India) Ltd., was
engaged in the business of manufacture and export of computer software through
STP units located at Noida, Gurgaon and Chennai.For Assessment Year 199...
The Commissioner of Income Tax vs. Sh. Anil Minda (with Connected Appeals of Sh. J.P. Minda, Sh. Vandana Minda, & Ms. Gayatri Minda): Interpretation of Section 158BE and Section 132(1) of the Income Tax Act, 1961 Regarding Period of Limitation for Block Assessment and Date of Execution of Last Authorization for Search vs. Last Drawn Panchnama
Facts of the Case
The
Parties and Group: The cases involved individual
assessees (Sh. Anil Minda, Sh. J.P. Minda, Sh. Vandana Minda, and Ms.
Gayatri Minda) belonging to the Minda Group of business, wh...