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CIT vs. Sahib Chits (Delhi) Pvt. Ltd.: Delhi High Court Holds Chit Fund Dividend/Discount Is Not ‘Interest’ Under Section 2(28A), Hence No TDS Deduction Required Under Section 194A of the Income Tax Act
Facts
of the Case·
The
respondent-assessee, M/s Sahib Chits (Delhi) (Pvt.) Ltd., is a chit fund
company regulated under the Madras Chit Funds Act, 1961 (as extended to...
Jaypee Institute of Information Technology Society vs. Director General of Income Tax (Exemptions), Delhi: Extension and Field Outreach Activities Held Integral to Educational Purpose under Section 10(23C)(vi) of the Income Tax Act
Facts of the Case
The
Petitioner: Jaypee Institute of Information
Technology Society is a registered society under the Societies
Registration Act, 1860, running an educational institution.
Deemed
...
The Motor & General Finance Ltd. & Ors. vs Commissioner of Income Tax-VI, New Delhi | Interest on Interest on Income Tax Refund Not Payable When Statutory Interest Already Granted under Section 244A of the Income Tax Act, 1961 – Delhi High Court
Facts of the
Case
The assessees had filed their returns and paid taxes through
advance tax and TDS.
Refunds became due upon processing of returns and subsequent
appellate orders.
Refunds along with sta...
Jaypee Institute of Information Technology Society vs. Director General of Income Tax (Exemptions), Delhi under Section 10(23C)(vi),Section 2(15)
Facts of the Case
The
Petitioner, Jaypee Institute of Information Technology Society, is a
registered society under the Societies Registration Act, 1860, running an
institute named "Jaypee Institute o...
Income Tax Appeal Under Section 260A: Comprehensive Adjudication on Depreciation Allowances for Passive Asset Usage, Capital Expenditure Incurrence under the Mercantile Accounting Framework for Scientific Research, and the Evidentiary Value of Revenue-Commissioned Survey Reports.
Facts
of the Case·
Background
of the Appeal: This statutory
appeal was preferred by the Revenue (Commissioner of Income Tax-V) under
Section 260A against the corporat...
Commissioner of Income Tax vs. Rancan Impex Pvt. Ltd. | Depreciation under Section 32 and Amortization of Deferred Revenue Expenditure: Delhi High Court Verdict
Facts of the CaseThe Appellant (Revenue/Income Tax Department)
filed an appeal (ITA No. 769/2009) against the order of the Income Tax
Appellate Tribunal (ITAT) for the Assessment Year 2003-04. The dispute arose
out of...
Commissioner of Income Tax, Delhi-IV vs Escorts Finance Limited (Delhi High Court) – Penalty under Section 271(1)(c) for False Claim under Section 35D of the Income-tax Act
Facts of the CaseThe assessee, Escorts Finance Limited, filed its
return of income declaring income of ₹1,21,03,280. During assessment
proceedings, the Assessing Officer noticed that the assessee had claimed
deducti...
Commissioner of Income Tax vs. Motor & General Finance Ltd. – Whether Leasing and Hire-Purchase Activities Constitute a Financial Company and Credit Institution under Sections 2(5A), 2(5B) & 4(2) of the Interest Tax Act, 1974
Facts of the
Case
Motor & General Finance Ltd. was engaged in hire-purchase,
leasing and allied financing activities.
The assessee did not file returns under the Interest Tax Act, 1974
on the ground ...
Commissioner of Income Tax vs Assessee Company – Whether Expenditure on Tools and Dies Constitutes Revenue Expenditure or Capital Expenditure under the Income-tax Act, 1961 | Delhi High Court
Facts of the CaseThe Assessing Officer made additions to the income
of the assessee by treating expenditure incurred on tools and dies as capital
expenditure and consequently disallowed the claim of the assessee that t...
Commissioner of Income Tax vs Assessee – Whether Expenditure on Tools and Dies is Revenue Expenditure or Capital Expenditure | Delhi High Court Remands Matter to ITAT for Fresh Adjudication under Income Tax Act, 1961
Facts of the CaseThe Assessing Officer made additions to the
assessee's income by treating expenditure incurred on tools and dies as capital
expenditure. The assessee contended that such expenditure was revenue in natu...