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Commissioner of Income Tax, Delhi-I, New Delhi Versus Bharti Televenture Ltd.: A Landmark Judgment of the Delhi High Court on the Allowability of Business Interest Deductions Under Section 36(1)(iii) of the Income Tax Act, 1961, Overruling Tax Disallowances on Interest-Free Financial Advances Extended to Wholly-Owned Subsidiary Companies Out of Mixed Common Bank Accounts via the Doctrine of Commercial Expediency
Facts of the Case
The
Revenue filed three appeals under Section 260A of the Income Tax Act
against a common order dated 24th July, 2009 passed by the Income Tax
Appellate Tribunal (ITAT) for Assessmen...
Commissioner of Income Tax vs Assessee – Delhi High Court Dismisses Revenue Appeals on Low Tax Effect Below ₹10 Lakhs | ITA Nos. 285/2010 & 331/2010 (2011)
Facts of the
CaseThe Revenue filed two Income Tax Appeals before the
Delhi High Court. During consideration of the appeals, it was noted that the
combined tax effect involved in both matters was less than ₹10 lakh. ...
CIT vs. A.K. Steel Pvt. Ltd.: Delhi High Court ITA No. 902/2009 Analysis – Section 143(3), Income Tax Act Matters
Facts of the Case:
The petitioner, CIT, challenged the order of the Income Tax Appellate
Tribunal (ITAT) concerning the assessment year 2005-06 for A.K. Steel Pvt.
Ltd. The dispute revolves around the alleged concealm...
Commissioner of Income Tax vs. Bharti Televenture Ltd. – Delhi High Court Judgement on Deletion of Interest Disallowance Under Section 36(1)(iii) and Applicability of Commercial Expediency for Interest-Free Advances to Wholly-Owned Subsidiaries out of Mixed Common Funds
Facts of the Case
The
Revenue filed three appeals against a common order dated 24th July, 2009,
passed by the Income Tax Appellate Tribunal (ITAT). The appeals cover
Assessment Year (AY) 2001-02 (ITA ...
[Appellant Name] vs Commissioner of Income Tax (Delhi High Court) | ITA Nos. 285/2010 & 331/2010 | Appeals Dismissed Due to Low Tax Effect Below ₹10 Lakhs
Facts of the CaseThe Revenue/Appellant preferred Income Tax Appeals
before the Delhi High Court under the provisions of the Income-tax Act, 1961.At the time of consideration, the Court noted that
the combined tax effec...
Akshya Kumar vs. Income Tax Department – Delhi High Court ITA 875/2008, Penalty Dispute under Income Tax Act
Facts of the CaseThe petitioner, Akshya Kumar, challenged the imposition of a
penalty by the Income Tax Department under the provisions of the Income Tax
Act. The dispute arose in the context of ITA 875/2008, where the...
Commissioner of Income Tax vs. Bharti Televenture Ltd. – Delhi High Court Judgement on Deletion of Interest Disallowance Under Section 36(1)(iii) and Applicability of Commercial Expediency for Interest-Free Advances to Wholly-Owned Subsidiaries out of Mixed Common Funds
Facts of the Case
The
Revenue filed three appeals against a common order dated 24th July, 2009,
passed by the Income Tax Appellate Tribunal (ITAT). The appeals cover
Assessment Year (AY) 2001-02 (ITA ...
CIT vs Khandelwal Construction Co. – Delhi High Court 2011 | ITA No. 136/2009 | Section 37 of Income Tax Act
Facts of the Case:The appellant, CIT (Commissioner of Income Tax),
challenged the order of the Income Tax Appellate Tribunal (ITAT) that allowed
certain deductions claimed by the respondent, Khandelwal Construction Co....
Commissioner of Income Tax, Delhi-I vs. Bharti Televenture Ltd.: Allowability of Interest Deduction Under Section 36(1)(iii) on Interest-Free Advances to Subsidiaries Based on Commercial Expediency
Facts of the Case
The
Revenue preferred three consolidated appeals under Section 260A against a
common order of the Income Tax Appellate Tribunal (ITAT) dated July 24,
2009, spanning Assessment Years ...
Commissioner of Income Tax, Delhi vs Modi Stone Ltd – ITA Nos. 955/2006, 1203/2006, 98/2007 | Burden of Proof on Assessee for Commission/Discount Claims I Section 40A(2)(b) of Income Tax Act, 1961
Facts of the Case:
Modi
Stone Ltd., the assessee, claimed commission payments and discounts under
its profit & loss accounts for assessment years 1995-96, 1996-97, and
1997-98.
Details
and...