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Commissioner of Income Tax-V vs. Real Time Marketing P. Ltd.: Deletion of Section 68 Unexplained Cash Credit Addition upheld where Revenue Fails to Establish Nexus between Assessee and Layered Internal Bank Transfers of Intermediary Entities
Facts of the Case
The
Assessee's Claim: The Assessee, a Private Limited
company, declared that it had received an unsecured loan amounting to
₹25,00,000 from an corporate entity named M/s. Aishwaray...
CIT Delhi-VI vs. Virgo Marketing (P) Ltd. (2008) – Recording of Satisfaction Mandatory for Penalty Proceedings under Section 271(1)(c) of the Income Tax Act
Facts of the CaseThe Revenue challenged the order of the Income Tax Appellate
Tribunal dated 26 April 2007 concerning Assessment Years 2000-01 to 2002-03.The primary issue before the Delhi High Court was whether the
As...
Commissioner of Income Tax-V vs M/s Narain Jewels International Ltd. & Connected Matters | Section 271(1)(c) Penalty Proceedings – Recording of Satisfaction – Delhi High Court
Facts of the CaseSeveral appeals filed by the Revenue were grouped together as
they involved a common legal issue relating to initiation of penalty
proceedings under Section 271(1)(c) of the Income-tax Act.The substant...
Commissioner of Income Tax vs. M/S Capital Tyres Mfg. Unit: Delhi High Court Ruling on Addition Made for Inflated Stock Statements to Banks vs. Books of Accounts and the Balancing Adjustment of Opening Stock Differences under the Income Tax Act
Facts of the Case
Assessee's
Profile: The Assessee ($M/S$ Capital Tyres Mfg.
Unit) is a registered firm engaged in the business of manufacturing rubber
flaps and re-treading tyres.
Discrepancy
...
Commissioner of Income Tax, Delhi-XIII vs. Dr. Yogender Sharma (2008) | Eligibility of X-Ray Machine for Investment Allowance under Section 32A of the Income Tax Act, 1961: Is a Medical Clinic or Diagnostic Centre an "Industrial Undertaking"?
Facts of the Case
The
Assessee's Profile: The Assessee, Dr. Yogender Sharma, is a
practicing professional radiologist who installed an X-ray machine in his
private medical clinic.
The
Tax Cla...
Commissioner of Income Tax vs. M/s Abhishek Auto Industries Ltd. & Connected Matters – Delhi High Court Remands Penalty Cases under Section 271(1)(c) Following Insertion of Section 271(1B) of the Income Tax Act
Facts of the CaseA batch of appeals filed by the Revenue arose from orders
passed by the Income Tax Appellate Tribunal. The Tribunal had primarily
examined whether the Assessing Officer had properly recorded satisfacti...
Commissioner of Income Tax, Delhi v. NHK Japan Broadcasting Corporation | Scope of Limitation for Initiating Proceedings Under Section 201 & 201(1A) of Income Tax Act, 1961: Delhi High Court Validates the Four-Year Rule for TDS Default Orders and Defines the Boundary of Vicarious Liability on Global Salary Disputes
Facts of the Case
The
Assessee (NHK Japan Broadcasting Corporation) is a foreign
government-owned company operating in India.
The
Assessee paid its employees working in India an Indian rupee salary...
CIT vs. Total Care Limited: Delhi High Court Holds Franchisee Service Payments Not Taxable as Rent Under Section 194-I of the Income Tax Act, 1961 Due to Absence of Ownership or Possessory Rights in Property
Facts
of the CaseThe Revenue filed appeals (ITA Nos.
768/2008 & 769/2008) against the common order of the Income Tax Appellate
Tribunal (ITAT) dated March 20, 2006, for the Assessment Years 2003-04 and
2004-05. T...
Judicial Limitation on TDS Default Proceedings: Commissioner of Income Tax v. M/s NHK Japan Broadcasting Corporation – Delhi High Court Rules That Action Under Section 201 for Deeming an Assessee-in-Default Must Be Initiated Within a Reasonable Period of Four Years Despite the Absence of a Statutory Time Limit in the Income Tax Act, 1961
Facts of the Case
Assessee
Profile: The Assessee (Respondent) is a foreign
government-owned company conducting business operations through its branch
office in India.
Dual
Salary Structure: T...
Commissioner of Income Tax v. Frontline Solutions (Baroda) Ltd. | Section 271(1)(c) Penalty Cannot Be Initiated Without Clear Satisfaction Recorded by Assessing Officer | Delhi High Court
Facts of the CaseThe Revenue filed an appeal before the Delhi High Court
challenging the order of the Income Tax Appellate Tribunal (ITAT), Delhi Bench,
which had upheld the order of the Commissioner of Income Tax (App...