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Commissioner of Income Tax, Delhi v. M/s Banaras House Ltd. Section 80HHC & Section 41(1) of the Income Tax Act, 1961 – Deduction on Net Interest and Cessation of Liability on Outstanding Creditors | Delhi High Court
Facts of the CaseThe present appeal was filed by the Revenue before the Delhi
High Court concerning Assessment Year 1996–97 against the order passed by the
Income Tax Appellate Tribunal (ITAT). The dispute revolved a...
Pr. Commissioner of Income Tax-11 vs Satya Sheel Khosla | Delhi High Court | Taxability of Non-Compete Fee as Capital or Revenue Receipt under Sections 17(3), 28(va) & 260A of the Income-tax Act, 1961
Facts of the CaseThe assessee, Mr. Satya Sheel Khosla, was the promoter and
Director of Integra Overseas Pvt. Ltd., a company engaged in manufacturing
two-wheelers in India. Subsequently, Suzuki Motor Corporation becam...
Commissioner of Gift Tax v. M/s Jindal Equipment Leasing & Ors. | Reassessment under Section 16(1) of the Gift Tax Act on Renunciation of Rights Issue and Deemed Gift Taxability
Facts of the CaseThe assessees were shareholders in Jindal Strips Limited (JSL)
and were entitled to subscribe to rights shares pursuant to a Partly
Convertible Debenture (PCD) issue. Each shareholder was entitled to o...
M/s Ram Krishan Associates Pvt. Ltd. vs Commissioner of Income Tax (Delhi High Court) – Taxability of Sub-License Fee under Sections 22, 27 & 269UA of the Income Tax Act, 1961 | Whether a Licensee Can Be Treated as Owner for House Property Income
Facts of the CaseM/s Asian Hotels Ltd. constructed Hyatt Regency Delhi with an
attached shopping plaza. The assessee, M/s Ram Krishan Associates Pvt. Ltd.,
entered into a license agreement dated 14 January 1986 for the...
M/s Ram Krishan Associates Pvt. Ltd. vs Commissioner of Income Tax (Delhi High Court) – Taxability of Sub-License Fee under Sections 22, 27 & 269UA of the Income Tax Act, 1961
Facts of the CaseM/s Ram Krishan Associates Pvt. Ltd. entered into a license
agreement dated 14 January 1986 with Asian Hotels Ltd. for the use of four
commercial shops situated in the shopping plaza of Hyatt Regency, ...
Sky Light Hospitality LLP vs Assistant Commissioner of Income Tax, Circle-28(1), New Delhi — Validity of Reassessment Notice Issued in Name of Non-Existent Entity under Sections 147, 148 & 292B of the Income Tax Act, 1961 (Delhi High Court)
Facts of the CaseThe petitioner, Sky Light Hospitality LLP, had acquired all
rights and liabilities of Sky Light Hospitality Private Limited after
conversion into an LLP on 13.05.2016 under the Limited Liability Partne...
Pr. Commissioner of Income Tax-6 vs Nokia Solutions & Network India Pvt. Ltd. (Formerly Nokia Siemens Network Pvt. Ltd.) | Assessment on Non-Existent Entity after Amalgamation Invalid u/s 143(2), 142(1), 292B of Income Tax Act
Facts of the CaseThe assessee, Nokia Siemens Network Pvt. Ltd. (old company),
filed its income tax return for Assessment Year 2006–07, which was initially
processed under Section 143(1) of the Income Tax Act. Subsequ...
Principal Commissioner of Income Tax-21 vs M/s Mehta Construction Co. | Delhi High Court | Section 260A of the Income-tax Act | Appeals on Tax Assessment and Revenue Issues
Facts of the Case
The
Revenue preferred multiple connected appeals before the Delhi High Court
against orders passed in favour of the assessee.
The
dispute arose out of tax assessment proceedings i...
Commissioner of Income Tax, Delhi-IV vs Gee Kay Finance & Leasing Co. Ltd. | Reassessment u/s 148 Beyond Four Years Without Mandatory Sanction u/s 151(1) Held Invalid | Delhi High Court
Facts of the CaseThe assessee filed its return declaring loss, which was
initially processed under Section 143(1). Subsequently, scrutiny assessment was
completed under Section 143(3), determining the loss at ₹29,94,...
Principal Commissioner of Income Tax-7 vs M/s Rathi Ispat Pvt. Ltd. | Section 68 of the Income Tax Act, 1961 | Addition on Share Premium and Calls in Arrears in Public Issue – Burden of Proof and Identity of Shareholders
Facts of the CaseThe dispute arose from an addition of ₹1,78,51,005/-
made by the Assessing Officer under Section 68 of the Income Tax Act, 1961
on account of share premium and calls in arrears received by the assess...