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Section 14A Disallowance Cannot Exceed Assessee’s Suo Motu Allocation Absent AO’s Recorded Dissatisfaction; Rule 8D Invocation Invalid – PCIT-7 vs. UK Paints India Pvt. Ltd. (Delhi High Court)
Facts of the CaseThe Revenue filed an appeal under Section 260A of the
Income-tax Act, 1961 challenging the order dated 16.06.2023 passed by the
Income Tax Appellate Tribunal for Assessment Year 2008-09. The assessee, ...
No Disallowance Under Section 14A on Shares Held as Stock-in-Trade; Amortisation of HTM Securities and Pension Fund Contributions Allowed – PCIT-7 vs. Punjab National Bank (Delhi High Court)
Facts of the CaseThe Revenue filed an appeal under Section 260A of the
Income-tax Act, 1961 challenging the order dated 09.01.2019 passed by the
Income Tax Appellate Tribunal for Assessment Year 2009–10. The responde...
Interest Earned on Funds Earmarked for Acquisition of Capital Asset Is Capital Receipt; Not Taxable as Income from Other Sources – PCIT-4 vs. International Coal Ventures Pvt. Ltd. (Delhi High Court)
Facts of the CaseThe assessee, International Coal Ventures Pvt. Ltd., was
incorporated as a special purpose vehicle by five public sector undertakings to
acquire coal mines overseas and ensure coal supply to its promot...
Adjustment of Refund Against Stayed Demand Beyond 20% Is Arbitrary and Contrary to CBDT Instructions; Refund with Interest Directed – Nokia Solutions and Networks India Pvt. Ltd. vs. JCIT (Delhi High Court)
Facts of the CaseThe petitioner, Nokia Solutions and Networks India Pvt. Ltd.,
filed a writ petition challenging the action of the Revenue in adjusting
refunds due for Assessment Years 2008–09 and 2017–18 against a...
Section 54F Exemption Limited to One Residential Unit Where Flats Are Non-Adjacent and Incapable of Merger; Partial Exemption Upheld – Mrs. Kamla Ajmera vs. PCIT (Delhi High Court)
Facts of the CaseThe assessee, Mrs. Kamla Ajmera, inherited a plot of land in
Jaipur after the demise of her husband. The plot, originally purchased in 1983,
was sold during Assessment Year 2013–14 for ₹77,75,000/-...
Reassessment Invalid Where Grounds in Section 148A(d) Order Differ from Section 148A(b) Notice; Violation of Natural Justice – Jindal SAW Ltd. vs. DCIT (Delhi High Court)
Facts of the CaseThe petitioner, Jindal SAW Ltd., filed a writ petition
challenging the notice dated 05.08.2024 issued under Section 148A(b) of the
Income-tax Act, 1961, the order dated 31.08.2024 passed under Section ...
Final Assessment Order Passed During Pendency of DRP Objections Is Without Jurisdiction; Violation of Section 144C Procedure – Jackson Square Aviation Ireland Ltd. vs. ACIT (Delhi High Court)
Facts of the CaseThe petitioner, Jackson Square Aviation Ireland Limited, a tax
resident of Ireland, filed its return of income for Assessment Year 2022–23 on
25.10.2022. The case was selected for scrutiny, and the A...
Liaison Office Activities Are Preparatory and Auxiliary and Do Not Create Permanent Establishment Under India–USA DTAA; Revenue Appeals Dismissed – DIT (International) vs. Western Union Financial Services Inc. (Delhi High Court)
Facts of the CaseThe batch of appeals was filed by the Revenue against a series
of orders passed by the Income Tax Appellate Tribunal holding that Western
Union Financial Services Inc., a non-resident company incorpora...
Immunity Under Section 245H Cannot Be Granted Without Recording Satisfaction of Full and True Disclosure; Review Petitions Dismissed – CIT (Central)-II vs. Standard Farms Pvt. Ltd. (Delhi High Court)
Facts of the CaseThe Revenue had filed writ petitions challenging the order
dated 27.06.2013 passed by the Income Tax Settlement Commission granting
immunity from penalty and prosecution to the respondents, Standard Fa...
Section 263 Cannot Be Invoked on Mere Allegations of Tax Avoidance Without Demonstrating Error or Prejudice; Share Transfer Exempt Under Section 47(iv) Upheld – CIT (IT)-2 vs. Genpact Consulting Singapore Pte. Ltd. (Delhi High Court)
Facts of the CaseThe Revenue filed an appeal under Section 260A of the
Income-tax Act, 1961 challenging the order dated 13.06.2022 passed by the
Income Tax Appellate Tribunal, whereby the Tribunal had quashed the revis...