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CIT vs. M/s Anand Spinning & Weaving M.: Impact of Retrospective Amendment to Section 148 of the Income Tax Act, 1961
Facts of the CaseThe matter originated from appeals (ITA Nos. 1283/2007,
1287/2007, and 1288/2007) heard by the High Court. The dispute centered on the
validity of assessment orders previously passed by the Tribunal, w...
Commissioner of Income Tax (Central)-III, New Delhi vs. M/s. J.S. Electronics Pvt. Ltd. – Deletion of Additions on Share Purchase Price under Section 40A(2) and Principles of Closing Stock Valuation at Cost or Market Price under Section 49(2).
Facts of the CaseThe Assessee is a private limited company dealing in shares.
The Assessee came to know that the erstwhile HCL had entered into a joint
venture agreement with Hewlett Packard, USA and that in terms ther...
Commissioner of Income Tax vs. M/S. Televista Electronics P. Ltd.: Non-Chargeability of Section 217 Interest on Advance Tax when Prior Assessments Reflect Losses
Facts of the Case
Assessee's
Profile: The Assessee is a private limited company
engaged in manufacturing electronic goods, including television sets and
video cassette recorders.
Assessment
H...
Commissioner of Income Tax, Delhi (Central)-I vs. M/s Sahara India Financial Corporation Ltd. – Delhi High Court | ITA No. 1155/2006 | Section 260A Income Tax Act
Facts of the CaseThe appeal was filed by the Commissioner of Income Tax,
Delhi (Central)-I against M/s Sahara India Financial Corporation Ltd. before
the Delhi High Court. The matter arose from a common order of the In...
Commissioner of Income Tax vs. Ashok Kapur (HUF) | Transfer of Capital Asset Under Section 2(47) and 45 of Income Tax Act
Facts of the Case
The
Assessee (Ashok Kapur HUF) acquired a one-fifth share in a five-eighth
part of a property located at 21, Barakhamba Road, New Delhi, via a court
decree dated March 27, 1968.
On...
Commissioner of Income Tax, Delhi (Central)-I vs. Sahara India Financial Corporation Ltd. | Delhi High Court
Facts of the
Case
The Revenue preferred an appeal against the order of the Income Tax
Appellate Tribunal concerning Sahara India Financial Corporation Ltd.
The appeal arose out of a common order of the Tribuna...
Maruti Udyog Ltd. vs. Assistant Commissioner of Income Tax & Ors. – Enforcement of Disputed Tax Demand Under Section 201(1A) Kept in Abeyance Pending Adjudication of Stay Application and Statutory Appeal Before CIT(A) Under Section 220(3) of the Income Tax Act, 1961
Facts of the Case
For
the financial years 2001-02 and 2003-04, a total tax demand of ₹54.36
crores was raised against the Petitioner (Maruti Udyog Ltd.) by the
Assessing Officer via an order dated M...
Applicability of Retrospective Amendment to Section 148 of the Income Tax Act: CIT vs. M/s Anand Spinning & Weaving Mills
Facts of the CaseThe matter pertains to appeals filed before the
High Court regarding income tax assessments. The core dispute arose concerning
the validity of proceedings initiated under Section 148 of the Income Tax ...
Tractebel Industry Engineering Vs. Assistant Director of Income Tax (International Taxation), Circle-2, New Delhi: Challenge to Reassessment Notice Under Section 147/148 of the Income Tax Act, 1961
Facts of the Case
The
Petitioner, Tractebel Industry Engineering, filed a Writ Petition [W.P.(C)
No. 7045 of 2007] before the Hon'ble High Court of Delhi.
The
petition was filed to challenge the re...
Commissioner of Income Tax, Delhi (Central)-I v. Sahara India Financial Corporation Ltd. (2007) – Transfer of Jurisdiction under Section 127 and Territorial Jurisdiction of High Court under Section 260A of the Income-tax Act
Facts of the
CaseThe assessment proceedings relating to Assessment
Year 1996-97 were initially conducted in Lucknow. The Assessing Officer passed
the assessment order in Lucknow, the Commissioner of Income Tax (Appeal...