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M/s ICS Systems Private Limited vs Commissioner of Income Tax (Delhi High Court) – Forfeiture of Advance for Purchase of Industrial Plot Held as Capital Loss under Section 260A of Income Tax Act, 1961
Facts of the CaseThe appellant-assessee, M/s ICS Systems Private Limited, was
engaged in manufacturing activities and filed its return for Assessment Year
2001–02 declaring income of ₹10,81,790. During scruti...
PR. Commissioner of Income Tax-2 vs. M/s Caraf Builders & Constructions Pvt. Ltd. (Delhi High Court) – Section 14A Disallowance Cannot Exceed Exempt Income | AY 2009-10
Facts of the
CaseThe respondent-assessee, M/s Caraf Builders &
Constructions Pvt. Ltd., filed its return for AY 2009–10 declaring income
primarily under short-term capital gains from mutual fund investments. The...
Commissioner of Income Tax (International Taxation) vs JC Bamford Investment Ltd. | Delhi High Court | Withdrawal of Appeals pursuant to Mutual Agreement Procedure Resolution
Facts of the CaseThe present matter concerns multiple appeals filed by the
Revenue before the Delhi High Court against JC Bamford Investment Ltd.
in relation to income tax proceedings under international taxation.Durin...
Principal Commissioner of Income Tax-4 vs Geetanjali Credits and Capital Ltd (Delhi High Court, 2019) – Reopening u/s 147/148 & Addition u/s 68 on Alleged Bogus Share Transactions
Facts of the Case
The
assessee company issued public shares but failed to commence its intended
business operations.
It
invested ₹2.5 crore with a partnership firm engaged in liquor
b...
Commissioner of Income Tax vs JC Bamford Investment Ltd | Delhi High Court | Withdrawal of Appeals under Mutual Agreement Procedure (MAP) | ITA 179/2015 & Connected Matters
Facts of the CaseThe present matter pertains to multiple appeals filed by the
Revenue before the Delhi High Court against JC Bamford Investment Ltd. These
appeals arose under Income Tax proceedings involving internatio...
Bharti Infratel Limited vs Deputy Commissioner of Income Tax & Anr. (Delhi High Court, 2019) – Reassessment u/s 147/148 Quashed on Grounds of Change of Opinion & Full Disclosure
Facts of the Case
The
petitioner, Bharti Infratel Limited (BIL), filed its return for AY
2008–09 declaring losses under normal provisions and book profits under
Section 115JB.
The
case was ...
Rajiv Jain vs Income Tax Officer (Delhi High Court) – Section 68 Addition on Cash Deposits | ITA 1115/2017 (2018)
Facts of the
Case
The assessee, engaged in commission agency business, filed return
declaring income of ₹5,84,146 for AY 2010-11.
During scrutiny, cash deposits of ₹16,42,592 and ₹10,17,650 were
e...
Commissioner of Income Tax-III vs Shyam Telelink Ltd. & Pr. Commissioner of Income Tax-8 vs Sistema Shyam Teleservices Ltd. (Delhi High Court) – Section 260A | Taxability of Unutilized Prepaid Talk Time
Facts of the
CaseThe respondent-assessee, engaged in providing
telecom services, offered prepaid and postpaid services. While postpaid income
was recognized based on actual usage, the dispute arose regarding prepaid
...
Principal Commissioner of Income Tax–4 vs Geetanjali Credits and Capital Limited (Delhi High Court) – Reassessment u/s 147/148 & Addition u/s 68 on Alleged Bogus Share Transactions
Facts of the CaseThe assessee company, Geetanjali Credits and Capital Limited
(formerly Shubh International Ltd.), filed returns for AY 1999–2000 and AY
2000–2001 declaring minimal income/loss. These returns ...