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M/s Great Eastern Exports v. Commissioner of Income Tax & Connected Appeals – Deduction under Sections 80HHC and 80IA/80IB Cannot Be Claimed on the Same Profits Twice | Delhi High Court
Facts of the
CaseSeveral appeals involving different assessees and
the Revenue were heard together as they raised a common legal issue concerning
deductions under Chapter VI-A of the Income-tax Act.The assessees had c...
Comprehensive Legal Analysis: Delhi High Court Ruling on the Validity of Reopening Income Tax Assessments under Section 147/148 for Sham Lease-Back Transactions in the Case of Video Electronics Ltd. vs. Joint CIT
Facts of the CaseThe assessee, a manufacturer of televisions, engaged in a
"lease-back" transaction involving computers. The company purchased
computers from M/s Pertech Computers Limited (PCL) and immediately leased t...
Commissioner of Income Tax v. M/s John Tinson & Co. (P) Ltd. | Delhi High Court | Section 275(1)(a) & 271(1)(c) of the Income Tax Act – Limitation for Penalty Proceedings After Fresh Assessment Order
Facts of the CaseThe assessee, M/s John Tinson & Co. (P) Ltd.,
filed its return for Assessment Year 1993-94 declaring a loss. The Assessing
Officer (AO), however, completed assessment under Section 143(3) and asses...
Challenging the Validity of Assessment Orders: Delhi High Court Ruling on Territorial Jurisdiction of the Assessing Officer under Section 158BD in Commissioner of Income Tax vs. Assessee
Facts of the CaseThe Revenue department filed appeals against the assessee
regarding assessment orders. As a preliminary objection (demurrer), counsel for
the assessees challenged the maintainability of these appeals. ...
Validity of Reopening Assessment Under Section 147/148 for Sham Lease Transactions: Video Electronics Ltd. vs. Joint CIT (Delhi High Court)
Facts of the CaseThe assessee, Video Electronics Ltd., engaged in the
manufacturing of TVs and the leasing of computers. During the Assessment Year
1990-91, the company purchased computers from M/s Pertech Computers Li...
Commissioner of Income Tax vs. A.T. Invofin India (P) Ltd. & Connected Assessees | Section 158BB(1)(c), 158BC, 158BD & 139(4) of the Income-tax Act, 1961 – Belated Return Filed After Search Cannot Defeat Block Assessment of Undisclosed Income
Facts of the CaseA search and seizure operation under Section 132 of
the Income-tax Act was conducted on 13 January 2000 in the Shyam Telecom Group
of Companies, to which the respondent companies belonged.Although no s...
Commissioner of Income Tax vs. M/s Vasisth Chay Vyapar Ltd. | Delhi High Court | Taxability of Interest on Non-Performing Assets (NPA) of NBFCs under Sections 5 & 145 of the Income-tax Act read with Section 45Q of RBI Act
Facts of the Case
The assessee, M/s Vasisth Chay Vyapar Ltd., a
Non-Banking Financial Company (NBFC), had advanced Inter Corporate Deposits
(ICDs) to M/s Shaw Wallace & Co. Due to prolonged non-payment of intere...
Video Electronics Ltd. vs. Joint CIT / Income Tax Officer: Validity of Reopening Assessments Under Section 147 and 148 of the Income Tax Act in Context of Sham Lease Transactions and Failure to Disclose Material Facts
Facts of the Case
The
assessee, a manufacturer of TVs and a computer leasing firm, claimed
depreciation on computers purchased from M/s Pertech Computers Limited
(PCL) and leased to M/s Altos India Lt...
M/s. Devsons Pvt. Ltd. vs. Commissioner of Income Tax & Commissioner of Income Tax vs. M/s. Devsons Logistics Pvt. Ltd. (Earlier M/s. Devsons Pvt. Ltd.) – Delhi High Court
Facts of the CaseThe assessee company was engaged as a contractor
for Jaipur Municipal Corporation for lifting and disposal of garbage from the
walled city area of Jaipur.For Assessment Year 1995-96, the assessee filed...
Commissioner of Income Tax vs. M/s. JCT Limited: Exhaustive Analysis of Penalty Proceedings Under Section 271(1)(c) for Non-Disclosure of Interest Income Against Pre-operative Expenses
Facts of the CaseThe assessee, M/s. JCT Limited, engaged in the process of
calculating pre-operative expenses for their business operations and, during
this financial activity, earned interest income amounting to ₹20...