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Subhash Verma vs. Assistant Commissioner of Income Tax: Evidentiary Value of Unverifiable Customer Claims and Unexplained Cash Post-Search Under Section 158BC
Facts of the Case
A
search and seizure operation under Section 132(1) of the Income Tax Act,
1961, was conducted on March 4, 2002, at the premises of the Appellant,
Subhash Verma, and his father.
D...
The Commissioner of Income Tax-XVI vs. Karan Bihari Thapar (2010): Substantive vs. Clarificatory Nature of Amendment to Section 6(6) of the Income Tax Act, 1961 and Determination of Residential Status for Global Income Taxation
Facts of the Case
Assessment
Proceedings and Global Income Discovery: During the statutory
assessment proceedings for the Assessment Years 1998–1999 and 1999–2000,
the Assessing Officer (AO) obser...
Appellant vs. Respondent (In the High Court of Delhi) | Dismissal of Income Tax Appeal for Non-Prosecution due to Non-Appearance of Appellant under Section 260A of the Income-tax Act, 1961
Facts of the CaseThe matter pertains to a statutory Income Tax Appeal
designated as ITA No. 241/2010, filed before the Hon'ble High Court of
Delhi. The appeal was preferred under the provisions governing direct tax
li...
Commissioner of Income Tax-XVI vs. Karan Bihari Thapar: On Whether the Substantive Amendment Altering 'Resident but Not Ordinarily Resident' (RNOR) Status Criteria and Scope of Global Taxable Income Under Section 6(6) of the Income Tax Act, 1961 Operates Retrospectively or Prospectively
Facts of the Case
Assessment
Years in Question: The matter pertains to the Assessment
Years (AY) 1998-1999 and 1999-2000.
Taxpayer's
Claim: During the assessment proceedings for these
years, ...
Deletion of Unexplained Cash Credits Under Section 68: CIT vs. Sophia Finance Ltd. Applied to Pre-Commencement Share Application Money
Facts of the CaseThe case revolves around the assessment year 2001-02, which
was the first year of operation for the respondent/assessee company, prior to
the commencement of its commercial production. During this asse...
Commissioner of Income Tax Vs. M/s VRM Global Infrastructure Pvt. Ltd. (Appeal Under Section 260A of the Income Tax Act, 1961 Regarding Deletion of Unexplained Cash Credits Under Section 68 and Allowance of Statutory Depreciation on Plant and Machinery Under Section 32)
FACTS OF THE CASEThe present revenue appeal was filed by the Commissioner of
Income Tax under Section 260A of the Income Tax Act, 1961. It challenged the
consolidated order dated September 1, 2009, passed by the Income...
Kyungshin Industrial Motherson Ltd. v. Commissioner of Income Tax: Deduction of Running Royalty under Section 37(1) of the Income Tax Act
Facts of the Case
Assessee
Business Profile: The Appellant-Assessee, M/s Kyungshin
Industrial Motherson Ltd., is a 50:50 joint venture between Motherson Sumi
System Limited and Kyungshin Industrial Co...
The Commissioner of Income Tax vs. Sh. Anil Minda: Deciding the Statutory Commencement Date for Block Assessment Period of Limitation Under Section 158BE vs Section 132(1) execution Based on Chronological Drawing of the Final Panchnama in Income Tax Search Operations
FACTS OF THE CASE
Corporate
Identity and Search Target: The primary respondents,
including Sh. Anil Minda, Sh. J.P. Minda, Sh. Vandana Minda, and Ms.
Gayatri Minda, belonged to the prominent Minda Gro...
The Commissioner of Income Tax Vs. Sh. Anil Minda, Sh. Vandana Minda, Sh. J.P. Minda, and Ms. Gayatri Minda: Whether the Two-Year Statutory Limitation Period for Completion of Block Assessment Under Section 158BE(1)(b) Read with Explanation 2 of the Income Tax Act, 1961, Commences from the Execution and Conclusion of the Chronologically Last Authorization for Search or Continues Up to the Drawing of the Final Panchnama of a Previous, Prolonged Authorization
Facts of the Case
Context: The
respondents are part of the Minda Group of business, specializing in
manufacturing automobile components. A multi-premise search operation
under Chapter XIV-B of the Act...
Escorts Tractors Ltd. vs Commissioner of Income Tax (Delhi High Court) – Eligibility of Interest under Section 214 on Additional Advance Tax Paid with Commissioner’s Permission | Assessment Year 1980-81
Facts of the Case
The assessee, Escorts Tractors Ltd., was a public limited company.
For Assessment Year 1980-81, its accounting period ended on 31
December 1979.
The assessee paid advance tax in three instal...