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The Commissioner of Income Tax vs. Sh. J.P. Minda (With Connected Appeals: Sh. Anil Minda, Sh. Vandana Minda, and Ms. Gayatri Minda) – Computation of Period of Limitation for Block Assessment Under Section 158BE Read with Section 132(1) of the Income Tax Act, 1961: Determining Whether the Date of the Last Executed Search Authorization or the Date of the Last Concluding Panchnama Governing Prior Authorizations Dictates the Statutory Period of Limitation.
FACTS OF THE CASE
The
Assessees Profile: The respective assessees are part of the prominent
Minda Group of Business, which primarily operates in the commercial
manufacturing sector of diverse automobi...
The Commissioner of Income Tax vs Ms. Gayatri Minda (with Sh. Anil Minda, Sh. J.P. Minda & Smt. Vandana Minda): Deciding the Limitation Period for Block Assessments Under Section 158BE of the Income Tax Act, 1991 Based on the Last Executed Search Authorization Warrant vs the Date of the Final Panchnama
Facts of the CaseThe controversy originated from a series of investigative
searches conducted by the Income Tax Department on the assessees, who belong to
the Minda Group of business, a conglomerate involved in manufac...
The Commissioner of Income Tax vs. Sh. J.P. Minda (With Sh. Anil Minda, Sh. Vandana Minda & Ms. Gayatri Minda): Computation of Limitation Period for Block Assessment Under Section 158BE read with Section 132(1) and Explanation 2 of the Income Tax Act, 1961—Whether the Date of Last Authorization Executed via Final Panchnama Overrides the Date of Issuance of Subsequent Warrants for Reckoning the Two-Year Statutory Limitation Period in Search and Seizure Actions.
Facts of the Case
The
Background Context: The case involved several assessees
belonging to the Minda Group of business, which was primarily engaged in
the manufacturing of various automobile component...
Commissioner of Income Tax v. Front Line Securities Limited (2010) – Applicability of Explanation to Section 73 Where Principal Business is Money Lending | Delhi High Court
Facts of the Case
The assessee filed its return for Assessment Year 1997-98 and
claimed a loss of ₹98,03,600 arising from purchase and sale of shares.
The Assessing Officer (AO) held that the loss was specul...
Commissioner of Income Tax vs. Xerox Modicorp Limited | Validity of Reassessment Under Section 147 and Eligibility of Investment Allowance Under Section 32A of the Income Tax Act for Office Telecommunication and Photocopying Equipment Manufacturing Units
FACTS OF THE CASE
Nature
of Business: The Respondent-Assessee, M/s. Xerox Modicorp
Limited, is an industrial enterprise engaged in the manufacturing and
distribution of xerographic (photocopying) mach...
Commissioner of Income Tax vs. M/s Nalwa Sons Investments Ltd. [Delhi High Court] – Penalty under Section 271(1)(c) Not Leviable Where Tax is Assessed Under Section 115JB (MAT)
Facts of the
CaseThe assessee, M/s Nalwa Sons Investments Ltd.,
filed its return for Assessment Year 2001-02 declaring a loss. Subsequently, a
revised return was filed showing income under Section 115JB.The Assessing ...
Commissioner of Income Tax vs. M/s Xerox Modicorp Limited: Whether Reopening of Assessment Under Section 147 and Withdrawal of Investment Allowance Under Section 32A is Valid for Manufacturing Office Apparatus Falling Under Eleventh Schedule of the Income Tax Act
FACTS OF THE CASE
Nature
of Business: The corporate assessee, M/s Xerox Modicorp
Limited, was engaged in the industrial operations of manufacturing and
selling xerographic machines, toners, developers...
ITA No. 492/2010 – Appellant vs Respondent | Delhi High Court | Appeal Dismissed as Withdrawn in View of Connected Matter (ITA No. 947/2009)
Facts of the
CaseThe appellant had filed an appeal before the Delhi
High Court under the Income Tax Act. During the hearing, counsel appearing for
the appellant submitted that in view of the orders passed on the same ...
Lachman Dass Bhatia v. Assistant Commissioner of Income Tax | Delhi High Court Permits Withdrawal of Income Tax Appeals to Pursue Writ Petitions | ITA Nos. 724-729 of 2010
Facts of the
Case
The appellant filed Income Tax Appeals bearing ITA Nos. 724 to 729
of 2010 before the Delhi High Court.
The appeals were directed against proceedings involving the
Assistant Commissione...
Shri Ashok Lalwani vs Income Tax Officer (Delhi High Court) – Addition Based on Third-Party Statement Without Providing Copy or Cross-Examination Opportunity Held Invalid | Principles of Natural Justice
Facts of the
CaseThe assessee, Shri Ashok Lalwani, filed his return
of income for Assessment Year 1998-99 declaring income of ₹2,44,030. He was
engaged in the business of dealing in real estate, including purchasing...