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Commissioner of Income Tax, Delhi-X vs. Shiv Prakash Aggarwal (2007) – Addition Cannot Be Made in Assessee’s Hands When Seized Documents Are Owned by Another Person Who Admits Ownership | Delhi High Court
Facts of the
CaseA search operation was conducted on 29 July 1999 at
premises situated at A-2/5, First Floor, Model Town, Delhi, where the assessee
was residing along with his father, Shri Ram Kishan Aggarwal. Followi...
Commissioner of Income Tax v. Dwarikadhish Investment P. Ltd. & Dwarikadhish Capital P. Ltd.: Deletion of Section 68 Additions on Unexplained Share Application Money When Identity, Genuineness, and Creditworthiness Are Prima Facie Discharged Through Banking Channels and Notarized Documentation Under the Income Tax Act, 1961
Facts of the Case
The
Assessee companies are engaged in the business of financing and trading in
shares.
For
the Assessment Year 1997-98, the Assessees declared a loss but were
assessed at a ...
Commissioner of Income Tax, Delhi-IV, New Delhi vs IFCI Venture Capital Funds Ltd. | Deduction of Bad Debts Written Off under Sections 36(1)(vii) and 36(2) of the Income Tax Act, 1961
Facts of the
CaseThe assessee, IFCI Venture Capital Funds Ltd., was engaged
in the business of providing loans to entrepreneurs and public finance
institutions.During the relevant assessment year 1998-99, the
assesse...
MARUTI SUZUKI INDIA LIMITED VS. DEPUTY COMMISSIONER OF INCOME TAX & ANR. — DELHI HIGH COURT WRIT PETITION CHALLENGING ITAT STAY ORDER ON PRE-DEPOSIT DEMANDS AND DOUBLE TAXATION ASSESSMENTS UNDER SECTION 43B OF THE INCOME TAX ACT, 1961
Facts of the CaseThe Petitioner, Maruti Suzuki India Limited, challenged an
order dated October 1, 2007, passed by the Income Tax Appellate Tribunal (ITAT)
in Stay No. 105/Del/2007 (arising out of ITA No. 2696/Del/2007...
Commissioner of Income Tax-V, New Delhi vs. Raghupati Leasing & Finance Ltd. | Delhi High Court Upholds 100% Depreciation on Leased Assets and Treats Lease Rental Income as Business Income
Facts of the CaseThe assessee-company, Raghupati Leasing &
Finance Ltd., filed its return of income for Assessment Year 1995-96 declaring
a loss. The assessment was completed under Section 143(3) of the Income-tax
...
Commissioner of Income Tax VS. Bharti Cellular Ltd.: Applicability of TDS Under Section 194J on Interconnect and Port Access Charges Without Human Interface
Facts of the Case
The
respondents/assessees are telecommunication companies engaged in the
business of providing cellular telephone services to their subscribers.
They set up their own equipment and n...
Commissioner of Income Tax v. Assessee – Reconsideration of Penalty under Section 271(1)(c) in Light of Retrospective Insertion of Section 271(1B) of the Income-tax Act, 1961 | Delhi High Court
Facts of the
Case
The Assessing Officer imposed penalty under Section 271(1)(c) of
the Income-tax Act, 1961.
The Income Tax Appellate Tribunal deleted the penalty.
The Tribunal relied upon the Delhi High Cou...
Dev Features Pvt. Ltd. vs Assistant Commissioner of Income Tax (Delhi High Court) – Addition of Unproved Liability of ₹18 Lakhs and Reassessment under Sections 143(1)(a) & 148 of the Income Tax Act, 1961
Facts of the
CaseThe assessee, Dev Features Pvt. Ltd., was engaged
in the business of syndication and equipment hiring.The original assessment was processed under Section
143(1)(a) of the Income Tax Act, 1961. Subsequ...
Commissioner of Income Tax v. Assessee – Reconsideration of Penalty under Section 271(1)(c) in Light of Retrospective Insertion of Section 271(1B) of the Income-tax Act, 1961 | Delhi High Court
Facts of the
Case
The Assessing Officer imposed penalty under Section 271(1)(c) of
the Income-tax Act, 1961.
The Income Tax Appellate Tribunal deleted the penalty.
The Tribunal relied upon the Delhi High Cou...
Commissioner of Income Tax vs. M/S Indian National Theatre Trust | Section 11(2) Accumulation of Income & Sourcing of Past Investments Under Income Tax Act, 1961
Facts of the Case
The
Assessee Trust was created on February 15, 1978, by the Indian National
Theatre (a society registered under the Societies Registration Act, 1860)
with the objective to promote ar...