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Commissioner of Income Tax, Delhi-IV vs Jaypee DSC Ventures Ltd.: Treatment of Interest on Fixed Deposits as Capital Receipt vs Income from Other Sources under Section 260A of the Income Tax Act, 1961
Facts of the
CaseThe respondent, Jaypee DSC Ventures Ltd.,
filed its income tax return for the assessment year 2003-04 declaring nil
income. The Assessing Officer (AO) assessed income at ₹16,38,039/- by
treat...
Commissioner of Income Tax vs. Late Shri C.R. Dass – Interpretation of Section 2(22)(e) of Income Tax Act on Deemed Dividend
Facts of the
Case
Assessment Year: 1998-99
Assessee: Late Shri C.R. Dass, Director of Pearey Lall
& Sons (EP) Ltd.
Assessee filed return declaring income of Rs. 1,14,000.
The assessee leased property (...
Ashok Malhotra vs Commissioner of Income Tax & ANR – Special Audit under Section 142(2A), Income Tax Act, 1961 | W.P.(C) 1750/2011, Delhi High Court
Facts Case
The petitioner, Ashok Malhotra, challenged the order dated
29.12.2010, whereby the Deputy Commissioner of Income Tax, Central
Circle-3, New Delhi, directed a special audit to be conducted u...
Monica Miglani vs Commissioner of Income Tax and Anr – Writ Petition under Article 226 challenging Special Audit Direction under Section 142(2A) of the Income Tax Act, 1961
Facts of the
Case
Petitioner Monica Miglani faced a special audit directed by
the Deputy Commissioner of Income Tax, Central Circle-3, New Delhi.
The special audit concerned her assessee accounts and was direc...
M/s. A.K. Sikri vs. Income Tax Officer – Delhi High Court Decision on Section 148 Reassessment Proceedings
Facts of the
Case:The present matter concerns the reassessment
proceedings initiated by the Assessing Officer under Section 148 of the Income
Tax Act in respect of the assessee for the financial year 2000-2001. The
a...
CIT vs M/s XYZ Enterprises – Reassessment Proceedings under Section 148 of the Income Tax Act, 1961
Facts of the
CaseThe Assessing Officer issued notices under Section
148 of the Income Tax Act, 1961, reopening the assessments for the
assessment years 1999-2000 and 2000-2001. The assessee appealed against
the...
Commissioner of Income Tax vs. M/s. R.M. Traders: Judicial Assessment on the Genuineness of Business Transactions and Validity of Block Assessment Additions under Section 158BC
Facts of the CaseFollowing a search and seizure operation conducted at the
respondent’s premises on July 21, 2004, the Revenue initiated proceedings for a
block assessment covering the period from April 1, 1996, to M...
Commissioner of Income Tax (Delhi-XI) v. Shri Puneet Sabharwal: Judicial Determination on the Validity of Unexplained Investment Additions Under Section 69B of the Income Tax Act, 1961 and the Legal Sustainability of Assessing Officer’s Reference to the District Valuation Officer (DVO) Under Section 55A Solely Based on Fair Market Value Discrepancies Without Corroborative Evidence of Extra Consideration
Facts of the Case
The
respondent-assessee (an individual) filed his return of income for the
Assessment Year (AY) 1997-98, declaring an income of ₹8,13,910.
During
the assessment proceedings, the ...
Commissioner of Income Tax v. [Respondent School] – Delhi High Court Rules That Revenue Department Cannot Challenge Exemption Under Sections 10(23C)(vi), 11, and 12 When Identical Prior Orders Were Unchallenged and Accepted
Facts of the Case
The
respondent is an educational institution (school) that has historically
enjoyed tax benefits and exemptions under Section 11, Section 12, and
Section 10(23C)(vi) of the Income Ta...
Commissioner of Income Tax vs. BLB Ltd.: Deductibility of SEBI Registration Fee on Actual Payment Basis Under Section 43B of the Income Tax Act
Facts of the Case
Assessee's
Business: The Respondent-Assessee is a public
limited company engaged in buying and selling shares on its own account,
acting as a share broker, and holding memberships in...