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Commissioner of Income Tax vs. Piyush Kaushik (ITA No. 854/2009): Maintainability of an Appeal Filed Against an ITAT Order Passed Under Section 254(2) regarding Rectification of Mistakes
Facts of the CaseThe Appellant, representing the Revenue department,
approached the High Court of Delhi by filing a statutory income tax appeal
under the provisions of the Income Tax Act, 1961. This appeal specifically...
High Court Ruling on Annual Letting Value: Commissioner of Income Tax vs. Business Engineering and Software Technologies Ltd. – Section 23(1) Addition Deleted as Vacated Property was Occupied and Utilized for Assessee's Own Business
Facts of the Case
The
case pertains to the Assessment Year (AY) 2001-2002.
The
assessee, M/s Business Engineering and Software Technologies Ltd., owned a
property bearing No. A-84, Sector-58, Noida...
Commissioner of Income Tax vs. Manor Hotels Pvt. Ltd. – Delhi High Court Judgement on the Applicability of Section 40A(2)(b) of the Income Tax Act, 1961: Whether 26% Compounded Interest on Unsecured and Uncollateralized Loans From Related Entities to a Newly Incorporated Hotel Company is Excessive or Justified by Commercial Expediency and Business Needs.
Facts of the Case
Assessee
Profile: The respondent/assessee is a Private
Limited Company running a hotel under the name of M/S Manor Hotels Pvt.
Ltd.
The
Transaction: During the Assessment Yea...
Commissioner of Income Tax vs Indair Carriers Pvt. Ltd. – Delhi High Court Upholds ITAT Remand in Block Assessment Proceedings under Sections 132, 158BC & 158BFA of the Income Tax Act
Facts of the
CaseA search and seizure operation under Section 132 of
the Income Tax Act was conducted on 17.01.2002 at the business premises of
Indair Carriers Pvt. Ltd. and at the residences of its directors, shareho...
Commissioner of Income Tax vs. M/s Golden Infracon Pvt. Ltd. (ITA No. 1715/2010): Admissibility and Genuineness of Valid Business Expenditures or Job Work Charges Erroneously and Inadvertently Debited Under an Incorrect Accounting Head of Commission Account Under Section 37(1) of the Income Tax Act, 1961
Facts of the Case
The
assessee filed its income tax return, claiming certain expenditures
incurred for business purposes.
During
the assessment proceedings, the Assessing Officer (AO) noted that an...
Fab India Overseas Pvt. Ltd. vs Commissioner of Income Tax (Delhi High Court) – Scope of Revision under Section 263, Transfer Pricing Reference to TPO, and Distinction Between Lack of Inquiry and Inadequate Inquiry
Facts of the Case
The assessee, Fab India Overseas Pvt. Ltd., was engaged in export
and local trading of handloom products and readymade garments.
For Assessment Year 2004-05, it filed its return declaring inco...
CIT v. Smt. Deepa Singhal: Application of Peak Credit Theory to Bank Deposits and Restricting Additions to Peak Balance under Section 68 of the Income Tax Act
Facts of the CaseDuring the assessment proceedings, the Assessing Officer
(AO) discovered multiple cash deposits totaling ₹25.73 lakhs in the Savings
Bank Account maintained by the assessee with Canara Bank. Due to a...
Commissioner of Income Tax v. [Assessee] – Whether UPS is Eligible for 60% Depreciation as Part of Computer System or Only 25% as Power Supply Equipment | Delhi High Court
Facts of the Case
The assessee purchased and used UPS devices along with its computer
systems.
Depreciation at the rate of 60% was claimed on UPS by treating it
as part of the computer system.
The Asses...
Commissioner of Income Tax vs. M/s. Visual Technologies India Pvt. Ltd. – Whether Section 10B Benefit for a Profit-Making Unit Can Be Claimed Without Adjusting Losses of Another Unit of the Same Assessee: Delhi High Court Remands Matter to ITAT for Adjudication on Merits
Facts of the Case
The
Revenue filed an appeal before the Delhi High Court challenging the
treatment of tax benefits claimed by the assessee under Section 10B of the
Income Tax Act.
The
assess...
Director of Income Tax vs Brahmaputra Capital Financial Services Ltd. | Interest on NPA Not Taxable on Accrual Basis for NBFCs | Delhi High Court
Facts of the Case
The assessee, Brahmaputra Capital Financial Services Ltd.,
was a Non-Banking Financial Company (NBFC).
It had advanced interest-bearing loans aggregating approximately
₹13.57 crore to ...