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Arjun Malhotra vs Commissioner of Income Tax & Director of Income Tax vs Arjun Malhotra (Delhi High Court, 2018) – Section 48, 54F & 271(1)(c) – Capital Gains, Transfer of Shares & Fair Market Value Dispute
Facts of the Case
The
assessee, Arjun Malhotra, sold 1,00,000 shares of NIIT to
M/s Glad Investment Pvt. Ltd. and declared the date of transfer as 14.08.1997.
He
claimed exemption under Secti...
Kaushalya Devi (Deceased) through Legal Representatives vs Commissioner of Income Tax – Deduction of Liquidated Damages under Section 48 for Capital Gains Computation
Facts of the Case
The
assessee owned an immovable property in Adhchini, New Delhi.
Initially
entered into an agreement to sell (1989) with one purchaser and received
₹7,50,000 as advance.
Due
...
M/s Hilton Roulunds Ltd. vs Commissioner of Income Tax (Delhi High Court, 2018) – Lump Sum Trademark Payment: Capital or Revenue Expenditure under Section 37(1)?
Facts of the CaseThe appellant, M/s Hilton Roulunds Ltd., was a joint
venture company formed with foreign and Indian collaborators. It entered into a
Trademark License Agreement (1993) with Hilton Rubbers Ltd. (HRL),
...
M/s Hilton Roulunds Ltd. vs Commissioner of Income Tax – Deductibility of Trademark License Fee under Section 37(1) of Income Tax Act, 1961
Facts of the Case
The
assessee, M/s Hilton Roulunds Ltd., entered into a Trademark
License Agreement (1993) with Hilton Rubbers Ltd. granting exclusive
use of the trademark “HILTON” in India for m...
Arjun Malhotra vs Commissioner of Income Tax & Anr – Delhi High Court on Capital Gains Computation, Section 48, Section 54F, and Substitution of Fair Market Value
Facts of the CaseThe assessee, Arjun Malhotra, filed returns for AY
1998–99 and 1999–2000 declaring income including long-term capital gains
arising from sale of 1,00,000 shares of NIIT to M/s Glad Investment Pvt.
...
Commissioner of Income Tax vs M.S. Aggarwal (Delhi High Court) – Section 132, 158B, 158BB, 158BFA(2) | Bogus Gift vs Genuine Transaction in Block Assessment
Facts of the CaseThe present appeals were filed by the Revenue under Section
260A of the Income Tax Act, 1961 against the orders of the Income Tax Appellate
Tribunal (ITAT).
A search
and seizure operation unde...
Commissioner of Income Tax vs M.S. Aggarwal (Delhi High Court, 2018) – Bogus Gifts, Block Assessment & Section 158BFA(2) Penalty
Facts of the CaseThe case arose from search and seizure operations conducted
under Section 132 on 25.11.1999 on the assessee, M.S. Aggarwal. During the
search, incriminating documents revealed unaccounted business acti...
Pr. Commissioner of Income Tax–Central-3 vs HFCL Infotel Ltd. (2018) – Allowability of Liquidated Damages, Section 37(1), Section 14A & Section 36(1)(iii) Analysis
Facts of the CaseThe assessee, HFCL Infotel Ltd., was engaged in providing
telecom services and had obtained a telecom license under the prevailing
telecom policy for the State of Punjab. As per the license agreement, ...
PR. Commissioner of Income Tax (Central-3) vs HFCL Infotel Ltd. (Delhi High Court) – Liquidated Damages Allowability, Section 35ABB, Section 37(1), Section 14A & Section 36(1)(iii)
Facts of the CaseThe present appeals were filed by the Revenue before the Delhi
High Court against the order of the Income Tax Appellate Tribunal (ITAT)
concerning HFCL Infotel Ltd. The primary dispute revolved around ...
Pr. Commissioner of Income Tax (Central-3) vs. HFCL Infotel Ltd. (Delhi High Court) – Allowability of Liquidated Damages, Section 37(1), Section 14A & Section 36(1)(iii) Explained
Facts of the CaseThe Revenue filed appeals before the Delhi High Court
challenging the order of the Income Tax Appellate Tribunal (ITAT) in favor of
the assessee, HFCL Infotel Ltd. The dispute primarily revolved around...