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Commissioner of Income Tax vs. M/s C.L. Batra | Levy of Penalty under Section 271(1)(c) on Loss Returns
Facts of the Case·
The
assessee filed a return of income showing a loss. ·
The
tax assessment was subsequently complet...
V.K. Jain v/s. Commissioner of Income Tax, Delhi-XII (ITA No. 234 of 2004 & Connected ITA No. 462 of 2003) – Taxability of Enhanced Land Acquisition Compensation under Sections 45(5), 254(2) & 260A of the Income-tax Act, 1961
Facts of the
CaseThe assessee, V.K. Jain, possessed bhumidari
rights in land acquired by the Delhi Government. Apart from the assessee,
another claimant, namely Gaon Sabha, also asserted ownership rights over
the lan...
Jeevan Dhar Jain v. Commissioner of Income Tax & Another – Deductibility of Interest Liability on Suit Filed Amounts and Contingent Liability under Section 260(A) of the Income-tax Act
Facts of the CaseThe assessee, Shri Jeevan Dhar Jain, preferred an appeal
before the Delhi High Court against the order of the Income Tax Appellate
Tribunal.An application for condonation of delay in filing the appeal
...
Commissioner of Income Tax vs. M/S Trian Quebec Gears Ltd. & Ors. : Imposition of Penalty Under Section 271(1)(c) when Assessed Income is a Loss
Facts of the CaseThe matter concerns a batch of appeals under Section
260A of the Income Tax Act, 1961, heard
collectively by the Delhi High Court. The core dispute arose because the
Assessing Officer (AO) initiated p...
V.K. Jain v/s. Commissioner of Income-tax, Delhi-XII (Delhi High Court) – Taxability of Enhanced Land Acquisition Compensation Under Section 45(5) and Remand by ITAT
Facts of the CaseThe appellant, V.K. Jain, possessed bhumidari
rights in land that was acquired by the Delhi Government. Upon acquisition,
disputes arose regarding entitlement to compensation. Apart from the appe...
V.V. Burman vs Commissioner of Income Tax (Delhi High Court) – Perquisite Valuation of Employer-Provided Residential Accommodation under Rule 3 of the Income-tax Rules | Section 260A Income-tax Act
Facts of the CaseThe assessee, Shri V.V. Burman, was a Whole-Time
Director of M/s Dabur India Limited and derived income from salary, dividends,
interest, capital gains, and other sources from the company. The co...
Commissioner of Income Tax vs. M/s Modex Intl. Securities Pvt. Ltd. & Ors. (2005) | Section 271(1)(c) of the Income Tax Act, 1961
Facts of the CaseThe Income Tax Appellate Tribunal (ITAT) had consistently held that no
penalty for concealment of income could be levied under Section 271(1)(c) if
the assessment resulted in a "minus figure" or a loss...
M/s Mitsubishi Corporation v. Commissioner of Income Tax – Writ Petition Against Recovery Proceedings Pending Disposal of Appeal Before ITAT under Article 226
Facts of the CaseM/s Mitsubishi Corporation filed a writ petition before the
Delhi High Court in relation to recovery proceedings initiated by the Income
Tax Department.During the hearing, counsel appearing for the pet...
Commissioner of Income Tax, Delhi v. Pawan Kumar Jain (2005) – Penalty under Section 271(1)(c) Cannot Be Levied Where Wrong Section 80HHC Claim Was Based on Auditor’s Certificate and Full Disclosure of Facts
Facts of the
CaseThe Revenue preferred an appeal under Section 260A
of the Income-tax Act challenging the order of the Income Tax Appellate
Tribunal dated 15.12.2003. The dispute related to the initiation and impositi...
Commissioner of Income Tax v. Swedeshi Credits Pvt. Ltd. & Ors. (2005) - Penalty for Concealment of Income Regardless of Assessed Loss | Section 271
Facts of the CaseThe Revenue challenged several orders of the Income Tax Appellate
Tribunal (ITAT), which had deleted penalties imposed under Section 271(1)(c).
The ITAT relied on the view that if an assessee files a r...