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Prem Lata Bansal vs Income Tax Department – Dismissal of Appeals Under CBDT Guidelines on Tax Effect Threshold
Facts of the
Case:
Ms. Prem Lata Bansal filed multiple tax appeals before the Delhi
High Court.
The combined tax effect of the appeals was ₹8.98 lakhs, which is
below the ₹10 lakhs threshold as per t...
M/S Good Living Consultant P.L vs Union of India & Ors – Income Tax Seizure and Release Dispute (W.P.(C) 15315/2006, CM(M) 924/2007)
Facts of the
Case:Two petitions, W.P.(C) 15315/2006 filed by M/S Good
Living Consultant P.L and CM(M) 924/2007 filed by the Director of Income Tax
(Investigation), were interlinked and heard together.
Certain amount...
Commissioner of Income Tax vs. Revenue – Condonation of Delay under Section 5 of the Limitation Act in ITA 670/2010
Facts of the
Case:
The Income Tax Appellate Tribunal (ITAT) decided the appeal on 28th
February 2007.
The Revenue filed an application under Section 254(2)
seeking rectification of the order, claim...
CIT vs. [Assessee] | Genuineness of Long-Term Capital Gains (LTCG) and Section 54F Exemption on Share Transactions Covered by Demat and Contract Notes Cannot Be Treated as Bogus Unexplained Cash Credits Under Section 68
Facts of the Case
The
assessees filed their Income-Tax Returns declaring Long Term Capital Gains
(LTCG) arising from the sale of certain shares (including shares of M/s
Nagesh Investment Pvt. Ltd. and...
Lachman Dass Bhatia Hingwala Pvt Ltd vs Assistant Commissioner of Income Tax – Section 254(2) Review Power of Income Tax Appellate Tribunal
Facts of the
Case:
The petitioner had filed appeals under Section 260A of the Income
Tax Act, 1961.
A Full Bench of the Delhi High Court had previously opined on the
maintainability of such appeals and t...
ITA 447/2011: Assessment Year 2001-02 – Reassessment under Section 148 of the Income Tax Act – Appellant vs. Respondent – Delhi High Court
Facts of the
Case:The appeal pertains to the assessment year 2001-02.
The Assessing Officer (AO) issued a reassessment order under Section 143(3) of
the Income Tax Act on 22nd March 2004. Subsequently, notice under Se...
ITA No. 526/2008 & 1299/2008: Appellant vs Commissioner of Income Tax – Depreciation on Bombay Stock Exchange Membership Ticket under Section 32(1)(ii) of Income Tax Act, 1961
Facts of the
CaseThe appellant appealed against the denial of
depreciation claims on the membership ticket of the Bombay Stock Exchange
(BSE). The appellant sought to classify the BSE membership ticket as an
intangib...
Commissioner of Income Tax vs Akash Kumar Sharma – Delhi High Court, ITA No. 291/2010
Facts of the
Case:
The assessee, Akash Kumar Sharma, had filed his income tax
returns for the relevant assessment year.
The Income Tax Department issued notices under Sections 147 and 148
for reassessmen...
ACME Ltd. vs Commissioner of Income Tax – ITA 526/2008: Delhi High Court on Income Tax Assessment Dispute under Section 143(3) & Section 147
Facts of the
CaseThe petitioner, ACME Ltd., challenged the
reassessment notice issued by the Income Tax Department under Section
147 of the Income Tax Act, 1961. The reassessment arose due to alleged omission
o...
ITO vs Akshat Kumar Sharma: Delhi High Court on Section 151(1) of Income Tax Act – Assessment Year 2010-11
Facts of the
CaseThe petitioner, Income Tax Officer (ITO),
challenged the assessment of Akshat Kumar Sharma under the Income Tax
Act, 1961 for the assessment year 2010-11. The dispute centered on the
disallowance of ...