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Delhi High Court Ruling on Section 271(1)(c) Penalty and Section 45(5)(b) Inchoate Rights: Commissioner of Income Tax vs. Smt. Bimla Devi (2010:DHC:11371-DB) — Evaluating Deferment of Capital Gains Tax on Disputed Enhanced Land Acquisition Compensation and the Pre-2009 Debatable Legal Position Under the Income Tax Act, 1961
Facts of the CaseThe respondent-assessee, Smt. Bimla Devi, was an individual
whose ancestral agricultural lands (originally belonging to her mother) were
compulsorily acquired by the State of Haryana under the provisio...
Commissioner of Income Tax vs. Assessee | Comprehensive Delhi High Court Ruling on Non-Disallowance of Delayed ESI and PF Statutory Contributions Deposited Within Allowed Grace Period Prior to the Filing of Income Tax Return Under Section 43B of the Income Tax Act, 1961
Facts of the CaseThe Appellant (Revenue) challenged the actions of the
assessee regarding the timing of statutory deposits. The assessee had made
payments towards Employee State Insurance (ESI) and Provident Fund (PF)
...
Director of Income Tax vs. Brahmaputra Capital Financial Services Ltd. (2011) 2011:DHC:2801-DB | Interest on NPA Not Taxable on Accrual Basis for NBFCs Under Real Income Theory
Facts of the CaseThe assessee, Brahmaputra Capital Financial
Services Ltd., a registered Non-Banking Financial Company (NBFC), had advanced
interest-bearing loans aggregating to approximately ₹13.57 crores to certain...
Commissioner of Income Tax v. M/s. [Respondent Assessee] — Dismissal of Revenue's Appeal by ITAT on Hyper-Technical Grounds of Non-Filing of Complete Assessment Order Set Aside; Substantial Justice Must Prevail Over Unintentional Technical Omissions under Section 260A of the Income Tax Act, 1961
Facts of the Case
The
Income Tax Appellate Tribunal (ITAT) dismissed an appeal filed by the
Revenue solely on the technical ground that the Revenue had failed to file
the complete assessment order alo...
Commissioner of Income Tax, Delhi-VIII vs. Indian Farmers Fertilizers Co-operative Ltd. (IFFCO): Validity of Re-assessment Proceedings Under Section 147/148 Beyond Four Years for Mandatory Set-off of Suppressed Past Losses against Unit-Wise Profits to Restrict Excessive Relief Claimed Under Section 80-I of the Income-Tax Act, 1961
Facts of the Case
The
respondent/assessee is a co-operative society manufacturing fertilizers.
For the assessment year 1993-94, it filed a return claiming massive
deductions under Section 80-I for its...
CIT v. M/s Interra Software India Pvt. Ltd.: Delhi High Court Adjudicates on Section 10A Exemption Eligibility for Profits Derived from Overseas Branch Offices and the Applicability of Explanation 3 Regarding Onsite Software Development Services vs. Independent Foreign Trading Operations
Facts of the CaseThe assessee, a 100% export-oriented unit located in the
Noida Export Processing Zone (NEPZ), is engaged in the development and export
of computer software. The assessee had claimed a deduction under S...
Commissioner of Income Tax vs Assessee – Rectification under Section 154 Not Permissible for Recomputing Deduction under Sections 80HHC and 80IB | Delhi High Court
Facts of the Case
The
Assessing Officer originally allowed deductions to the assessee under both
Sections 80HHC and 80IB of the Income-tax Act.
Subsequently,
the Assessing Officer invoked Section 15...
Income Tax Appellate Tribunal's Power of Total Recall Under Section 254(2) of the Income Tax Act, 1961: A Critical Jurisprudential Shift from the Doctrine of Review to the Principle of Prejudice in M/S Lachman Dass Bhatia Hingwala (P.) Ltd. v. Assistant Commissioner of Income Tax
Facts of the CaseThe petitioner, M/S Lachman Dass Bhatia Hingwala (P.) Ltd.,
filed a batch of writ petitions under Articles 226 and 227 of the Constitution
of India. The petitions challenged an order dated January 22, ...
M/S Lotus Trans Travels P. Ltd. VS Commissioner of Income Tax: Whether Interest Earned on Short-Term Bank Deposits of Foreign Exchange Advances Qualifies as Profits Derived from Services Provided to Foreign Tourists for Deduction Under Section 80HHD of the Income-Tax Act, 1961
Facts of the Case
The
Appellant is a private limited company operating as a tour operator
approved by the Department of Tourism under Section 80HHD of the
Income-Tax Act, 1961.
The
Appellant ...
Commissioner of Income Tax vs. Samtel Color Limited [Delhi High Court] – Section 68 Addition on Public Deposits Deleted as Assessee Successfully Proved Identity and Initial Onus
Facts of the CaseThe assessee, Samtel Color Limited, a public limited
company, filed its return for Assessment Year 1997-98. During assessment
proceedings, the Assessing Officer noticed that the company had received pu...