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Moser Baer India Ltd. & Others vs. The Additional Commissioner of Income Tax & Another: Mandatoriness of Oral Hearing and Fair Disclosure of Material in Transfer Pricing Arm's Length Price (ALP) Determinations under Section 92CA(3) of the Income Tax Act, 1961
Facts of the CaseA batch of six writ petitions was filed before the Delhi High
Court by several prominent corporate assessees—including Moser Baer India
Ltd., HCL Technologies BPO Services Ltd., HCL Technologies Ltd....
Commissioner of Income Tax, Delhi (Central) II vs. Usha Marketing (Pvt.) Ltd. — Disallowance of Share Transaction Loss as Group Strategy Book Loss vs. Levy of Penalty for Concealment under Section 271(1)(c) of Income Tax Act, 1961: High Court Affirms Mere Rejection of Business Loss Claim Does Not Attract Concealment Penalty When Genuine Transaction Particulars Are Disclosed
Facts of the Case
The
respondent-assessee company deals in the sale and transfer of shares.
During
the Assessment Year 1986-87, the Assessing Officer (AO) permitted the
company to convert certain s...
Commissioner of Income Tax vs. Rural Electrification Corp. Ltd. | Maintainability of Income Tax Appeal and Revival Post-Abolition of Committee on Disputes (COD) under Section 260A of the Income Tax Act, 1961
Facts of the Case·
The Commissioner of Income Tax
(Revenue) preferred two appeals, numbered ITA 84/2008
(pertaining to Assessment Year 2001-02) and ITA 85/2008
(...
Commissioner of Income Tax v. M/s. Oswal Agro Mills Ltd. (and Connected Appeals): Allowability of Depreciation on a Temporarily Closed Business Unit Forming Part of a Unified 'Block of Assets' Under Section 32 of the Income Tax Act, 1961
Facts of the Case
Assessee
Profile & Claims: The assessee, a well-established
company, claimed statutory depreciation amounting to ₹9.31 Crores on its
various capital assets for the Assessment Y...
Commissioner of Income Tax vs. Gupta Abhushan Pvt. Ltd. – Delhi High Court Rules That Stock Discrepancies and Renovation Work Found During Section 133A Survey Cannot Form 'Reason to Believe' for Reopening Past Assessments Under Section 147/148 of the Income Tax Act, 1961
Facts of the Case
The
respondent-assessee filed income tax returns for the Assessment Years (AY)
1999-2000, 2000-2001, and 2001-2002, which were originally processed under
Section 143(1) of the Income...
Commissioner of Income Tax v. Assessee – Rule of Consistency Applied; Revenue Appeals Dismissed as No Substantial Question of Law Arose | Delhi High Court
Facts of the
CaseThe Revenue filed appeals before the Delhi High
Court against the orders passed by the Income Tax Appellate Tribunal (ITAT) in
respect of Assessment Years 1996-97 and 1997-98.During the hearing, couns...
Commissioner of Income Tax Vs. M/s. Oswal Agro Mills Ltd. (and Associated Appeals): Whether Depreciation Under Section 32 of the Income Tax Act, 1961 is Allowable on a Temporarily Closed or Non-Functional Unit Solely Because It Forms Part of a Consolidated 'Block of Assets'
1. Facts of the Case
The
Parties: The appeals involve the Revenue
(Commissioner of Income Tax) as the Appellant and M/s. Oswal Agro Mills
Ltd. along with M/s. Oswal Chemicals & Fertilizers Ltd. as...
Commissioner of Income Tax v. Assessee (ITA No. 1029/2008) – Rule of Consistency Applied; Revenue Appeal Dismissed by Delhi High Court|under section260A of the Income-tax Act, 1961
Facts of the
Case
The Income Tax Appellate Tribunal had rendered decisions in favour
of the assessee for Assessment Years 1989-90 to 1995-96.
No appeals were filed by the Revenue against those Tribunal o...
Commissioner of Income Tax, Delhi-IV vs. Gupta Abhushan Pvt. Ltd. | Validity of Reopening of Assessment Under Section 147 Based on Mere Suspicion and Extrapolation of Survey Findings to Past Assessment Years
Facts of the Case
The
respondent-assessee filed its income tax returns for the Assessment Years
(AY) 1999-2000, 2000-2001, and 2001-2002, which were initially processed
under Section 143(1) of the Inc...
Commissioner of Income Tax vs. M/s. Oswal Agro Mills Ltd. (and Oswal Chemicals & Fertilizers Ltd.) | Allowance of Depreciation under Section 32 on Temporary Closed Business Unit Forming Part of "Block of Assets"
Facts of the Case
The
respondent-assessee claimed a depreciation of ₹9.31 Crores for the
Assessment Year 1998-99 on its various capital assets.
This
claim included depreciation on its factory man...