Blog Categories
All Posts
Accounting Standard 8
CBDT 1
Chartered Accountant 1
Chartered Engineer 1
Greetings 1
Income Tax Act 2025 0
Labour Law 2
MCA Notification 1
MSME 1
NGO- Trust & Society 0
PLACEMENT 1
Press Information Bureau, Government of India (PIB) 2
RBI & Banks 1
RERA 0
RTI 1
STUDENT ICAI 1
Virtual Webinar 5
Subscribe to Newsletter
Join our subscribers list to get the latest Tax Updates and Opportunities.
Commissioner of Income Tax vs. Indian Oil Panipat Power Consortium Ltd. | Penalty under Section 271(1)(c) Cannot Survive After Dismissal of Quantum Challenge | Delhi High Court
Facts of the
Case
The Income Tax Appellate Tribunal passed a common order dated 29
September 2009 in ITA Nos. 3366/Del/2009 and 3367/Del/2009 relating to
Assessment Years 2001-02 and 2002-03.
The Revenue...
Commissioner of Income Tax vs. M/s Bright Star Investment Pvt. Ltd. | Disallowance of Interest on Overdraft Facility for Interest-Free Advances to Sister Concerns Under Section 36(1)(iii) of the Income Tax Act, 1961
Facts of the Case
The
revenue preferred a series of appeals (ITA Nos. 1062/2009 and others)
spanning multiple assessment years against a common order concerning the
same assessee.
The
assessee...
Commissioner of Income Tax vs. Indian Oil Panipat Power Consortium Ltd. [Delhi High Court] – Penalty under Section 271(1)(c) Dismissed Following Dismissal of Quantum Appeals
Facts of the Case
The Income Tax Appellate Tribunal passed a common order in favour
of the assessee, Indian Oil Panipat Power Consortium Ltd., for Assessment
Years 2001-02 and 2002-03.
The Revenue challen...
Commissioner of Income Tax vs. M/s Housing & Urban Development Corporation Ltd. — Deductibility of Reversed NPA Interest Income as Bad Debt Under Section 36(1)(vii) of the Income Tax Act, 1961
Facts of the CaseIn the assessment year 1998-99, the Assessing Officer (AO)
disallowed a sum of ₹87,23,257/- claimed by the assessee. This amount
represented interest income from Non-Performing Assets (NPA) which had...
Commissioner of Income Tax vs. M/s. Tinbox Pvt. Ltd. – Disallowance of Interest on Overdraft Under Section 36(1)(iii): Jurisdictional Precedent Rules over Contrary Views on Interest-Free Advances to Sister Concerns
Facts of the CaseThe revenue preferred multiple appeals pertaining to different
assessment years relating to the same assessee, wherein a common issue was
raised. The assessee, which was not a manufacturing company but...
Commissioner of Income Tax vs. M/s. Escorts Finance Ltd. (ITA No. 1062/2009 & Others) – Deferment of Interest Disallowance on Advances to Sister Concerns under Section 36(1)(iii) of the Income Tax Act
Facts of the Case
The
Revenue preferred a series of appeals (ITA Nos. 1062/2009, 1772/2010,
1826/2010, 1827/2010, 90/2010, 1165/2010, 1166/2010, 1167/2010, 1169/2010
& 1172/2010) against the asses...
AGR Investment Ltd. vs. Addl. Commissioner of Income Tax & Another (2011) – Reassessment under Sections 147 & 148 Based on Accommodation Entries | Delhi High Court
Facts of the CaseThe petitioner, AGR Investment Ltd., filed a writ petition
under Article 226 of the Constitution challenging the notice dated 25 February
2010 issued under Section 148 of the Income Tax Act for Assessm...
Commissioner of Income Tax v. Assessee – Taxability of Remission of Interest under Section 41(1) and Carry Forward of Business Losses Beyond Eight Years | Delhi High Court
Facts of the Case
The
Assessing Officer (AO) disallowed a deduction of ₹13,98,888 claimed
by the assessee arising out of remission of interest income.
The
Commissioner of Income Tax (Appeals) [CIT...
Detailed Analysis: Judicial Approach to Infructuous Writ Petitions in Tax Litigation
Facts of the CaseThe petitioner initiated legal
proceedings by filing three separate writ petitions, namely WP (C) No.
8282/2009, WP (C) No. 8338/2009, and WP (C) No. 8339/2009, before the Delhi
High Court. The ...
VLS Finance Ltd. & Others vs Assistant Commissioner of Income Tax & Another (2011) – Provisional Attachment of Refunds under Section 281B of the Income Tax Act
Facts of the CaseThe petitioners, VLS Finance Ltd. and others, were assessed
under Section 143(3) of the Income Tax Act, 1961 for Assessment Years 1998-99,
1999-2000, and 2000-01. Assessment orders were passed on 31 Ma...