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Commissioner of Income Tax, Delhi (Central)-II v. Usha Iron & Ferro Metal Corporation Ltd. – Expenditure on Steel Melting Shop for Expansion of Existing Business Held as Revenue Expenditure | Section 37(1) & Section 260A of the Income Tax Act, 1961
Facts of the
CaseThe assessee was engaged in the business of
manufacturing and producing CTD bars and various types of iron rods. For its
manufacturing activities, it procured billets from the open market as raw
mate...
M/s Kashmir Arts v. Commissioner of Income Tax VII: Scope of Netting of Interest under Section 80HHC read with Explanation (baa) of Income Tax Act, 1961 — Treatment of Interest Income on FDR Margin Money as Business Income vs. Income from Other Sources
Facts of the Case
The
Appellant (Assessee), engaged in the business of exporting carpets, filed
its return of income for the Assessment Year 1993-94, which was later
revised.
During
assessmen...
Commissioner of Income Tax, Delhi-X vs. Shri Atul Jain & Smt. Vinita Jain (2007) – Reassessment under Sections 147 & 148 Invalid Due to Absence of Proper “Reasons to Believe” | Delhi High Court
Facts of the CaseThe assessees, Shri Atul Jain and Smt. Vinita Jain,
had purchased shares of M/s Globe Commercials Ltd. through a stock broker and
subsequently sold those shares through another broker at substantially ...
Sumac International (P) Ltd. vs. Inspecting Assistant Commissioner (Assessment), Income Tax DepartmentCriminal Miscellaneous Case No. 3248/2002 & Crl.M.C.No.307/2003 | Date of Decision: October 22, 2007
Facts of the Case
The
Income Tax Department (Respondent), through the Inspecting Assistant
Commissioner, initiated criminal prosecution against M/s Sumac
International (P) Ltd. (Accused No. 1) and its...
Commissioner of Income Tax, Delhi-IV, New Delhi vs M/s Gujarat Guardian Ltd. | Depreciation on Engineering Service Fees Capitalized for Setting Up Plant vs Deduction under Section 35AB of the Income Tax Act
Facts of the CaseM/s Gujarat Guardian Ltd. established a float glass
manufacturing plant in Gujarat with technical assistance obtained from Guardian
Industries Corporation, USA. The foreign company provided engineering...
Director of Income Tax (Exemption) vs. Span Foundation | Applicability of Exemption under Sections 11 & 12 of the Income Tax Act
Facts of the Case·
The assessee is a registered charitable
trust. ·
The trust purchased land and
constructed a buildin...
OCEAN STRUCTURES (P) LTD. vs. ASST. COMMISSIONER OF INCOME-TAXITA No. 392 of 2007 | 2007:DHC:1330-DB | Assessment Year: 1999-2000 Decided under Section 260A of the Income Tax Act, 1961 by the Hon'ble High Court of Delhi
Facts of the Case
The
Appellant/Assessee constructed a commercial building named 'CTC Plaza' on
a plot measuring 1200 sq. yds. located at F-43, Kilokri Ring Road, Ashram
Chowk, New Delhi.
The
...
Commissioner of Income Tax, Delhi-X, New Delhi vs Vipin Batra (Delhi High Court) – Reassessment under Sections 147/148 Based on Investigation Wing Information Regarding Bogus Long-Term Capital Gains Entries
Facts of the CaseThe assessee, Shri Vipin Batra, had disclosed
long-term capital gains arising from the sale of shares for Assessment Year
1996-97. Subsequently, information was received by the Assessing Officer from
...
Honda Siel Power Products Ltd. vs. Commissioner of Income Tax: Scope of 'Income Derived From' Under Sections 80-HH & 80-I Explored
Facts of the Case
The
Appellant/Assessee (Honda Siel Power Products Ltd.) was engaged in the
manufacture and sale of portable gensets and water pumps.
In
its return of income for the Assessme...
Commissioner of Income Tax vs. M/S All India Films Corpn.: Taxability of Lease Termination Compensation — Capital Receipt vs. Revenue Receipt under the Income Tax Act
Facts of the Case
The
Assessee, M/S All India Films Corpn., had taken two cinema halls,
'Capital' and 'Minerva' located at Ambala, on lease since 1952 from the
owner, Lala Beli Ram Sarin, for exhibiti...