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Commissioner of Income Tax vs. SNIC (Assessee): Whether Disallowance of Technical Know-How Fees Treated as Capital Expenditure Rather Than Revenue Expenditure Validates Penalty Proceedings Under Section 271(1)(c) of Income Tax Act on Debatable Claims
FACTS OF THE CASE
The
respondent-assessee filed its income tax returns and claimed specific
financial outlays as allowable revenue expenditure.
During
the assessment proceedings, the Assessing Offi...
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 CaseThe 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 inte...
Commissioner of Income Tax Vs. M/s. Krishna Maruti Ltd. | Disallowance of Capital Expenditure vs. Revenue Expenditure: Debatable Claim on Technical Know-How Fees Does Not Attract Penalty Under Section 271(1)(c) of Income Tax Act, 1961
Facts of the CaseThe respondent-assessee (M/s. Krishna Maruti Ltd.) had
claimed certain expenditure as allowable revenue expenditure in its return of
income. However, during the assessment proceedings, the Assessing Of...
Commissioner of Income Tax vs. M/s Great Eastern Exports — Dismissal of Revenue's Appeals on Identical Questions of Law Covered by Prior Precedent Under Section 260A of the Income Tax Act
Facts of the CaseThe Revenue preferred statutory appeals (registered as ITA
No. 1048/2010 and ITA No. 1050/2010) before the Hon’ble High Court of Delhi.
The disputes arose from the appellate orders of the Income Tax ...
Commissioner of Income Tax vs. Goyal M.G. Gases Pvt. Ltd. (2011) – Interest on Sticky Loans Not Taxable Under Real Income Theory Despite Mercantile Accounting | Delhi High Court
Facts of the CaseThe assessee company was engaged in financing
activities through loans, Inter-Corporate Deposits (ICDs), bill discounting,
and similar transactions.For accounting purposes under the Companies Act,
the...
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 Taj International Jewellers | Allowability of Interest Netting Under Section 57(iii) of Income Tax Act for FDRs Created via Bank Loans Utilizing EXIM Policy and LIBOR Disparity
Facts of the Case
The
Assessee (M/S Taj International Jewellers) was engaged in the business of
exporting jewellery.
During
the assessment years 2005-06 and 2006-07, the assessee borrowed ₹35.34
...
Commissioner of Income Tax v. Late Shri Raj Pal Bhatia & Ors. | Delhi High Court | Section 158BD Block Assessment Cannot Be Initiated Solely on Third-Party Statement Without Seized Material
Facts of the
CaseThe respondents were brothers and joint owners of
property bearing No. 112, Golf Links, New Delhi. The property was sold to Shri
Sunil Charla and Smt. Surksha Charla.A search under Section 132(1) was ...
Commissioner of Income Tax vs. M/S Taj International Jewellers: Netting of Interest Under Section 57(iii) Allowed for Exporters Capitalizing on EXIM Policy and LIBOR Disparities
Facts of the Case
The
assessee, M/S Taj International Jewellers, is engaged in the business of
exporting jewellery.
During
the Assessment Years 2005-06 and 2006-07, the assessee borrowed a sum of
...
Commissioner of Income Tax vs. Child Education Society: Delhi High Court Upholds Renewal of Section 80G Exemption for School, Ruling That Contributions in Kind for Institutional Carnivals and Technical Filing Delays Do Not Constitute Irregularities
Facts of the Case
The
respondent-assessee, Child Education Society, runs a school and enjoys
income tax exemption under Section 11 of the Income-Tax Act, 1941.
The
assessee had also been consistent...