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Marubeni India Pvt. Ltd. v/s Commissioner of Income Tax: Scope of ITAT Jurisdictional Powers under Section 254(1) to Issue Binding Directions and Allowability of Expatriate Tax Reimbursements as Business Expenditure under Section 37(1)
Facts of the Case
Corporate
Restructuring: The appellant-assessee, Marubeni India
Private Limited, was incorporated as a wholly-owned domestic subsidiary of
Marubeni Corporation, Japan, taking over th...
Appeal Against ITAT Rectification Order Not Maintainable Under Section 260A – Commissioner of Income Tax vs Assessee | Delhi High Court
Facts of the CaseThe appeals before the Delhi High Court were filed
against an order passed by the Income Tax Appellate Tribunal (ITAT) under
Section 254(2) of the Income-tax Act, 1961. Section 254(2) empowers the
Tri...
Commissioner of Income Tax vs. Assessee Company – Valuation of Old and Shop-Spoiled Stock at Discounted Value Upheld | Delhi High Court
Facts of the
Case
The assessee maintained stock at its Connaught Place branch, which
included old and shop-spoiled inventory.
The assessee valued such stock at a discounted value considering
its reduced ...
Commissioner of Income Tax vs. Xerox Modicorp Limited: Whether Reopening of Assessment Under Section 147 is Valid and Admissibility of Investment Allowance Under Section 32A on Office Apparatus and Xerographic Machines Falling Under Schedule XI of the Income Tax Act, 1961
Facts of the Case
Assessee
Business Operations: The respondent-assessee, M/s. Xerox
Modicorp Limited, was actively engaged in the industrial operations of
manufacturing and selling xerographic machine...
Commissioner of Income Tax (CIT) vs AKS – Delhi High Court Upholds Deletion of Addition for Alleged Undervaluation of Closing Stock | Stock Valuation Method Accepted Consistently | AY 1996-97
Facts of the Case
The assessee maintained stock at its Connaught Place branch,
including old, unfashionable, and shop-spoiled goods.
While valuing closing stock, the assessee adopted a discounted
va...
Commissioner of Income Tax (CIT) vs. Bharat Commerce & Industries Ltd. – Valuation of Obsolete and Shop-Soiled Stock at Discounted Value | Delhi High Court Section 147
Facts of the Case
The assessee maintained stock at different branches, including its
Connaught Place branch.
During Assessment Year 1996-97, the assessee valued certain old,
obsolete and shop-soiled stock...
Commissioner of Income Tax vs. M/s Xerox Modicorp Limited | Delhi High Court | Validity of Reassessment Under Section 147 on Investment Allowance Disallowance for Xerographic Machine Production Under Section 32A and Eleventh Schedule
FACTS OF THE CASE
The
assessee, M/s. Xerox Modicorp Limited, is an industrial establishment
engaged primarily in the manufacturing operations of xerographic machines,
toner, developers, and photorecep...
The Commissioner of Income Tax vs. Smt. Motia Rani Bhatia Appeal under Section 260A of the Income Tax Act, 1961 challenging the deletion of gross profit additions made purely on estimation and surmises without pointing out discrepancies in the audited books of accounts.
Facts of the Case
The
appellant, the Revenue department (Commissioner of Income Tax), preferred
an appeal under Section 260A of the Income Tax Act, 1961, challenging the
order dated 16th October, 2009...
REVENUE APPEAL UNDER SECTION 260A OF THE INCOME TAX ACT, 1961 - THE COMMISSIONER OF INCOME TAX VERSUS M/S YAMAHA MOTOR INDIA PRIVATE LIMITED (ITA NO. 460 OF 2008) REGARDING THE LEGALITY OF DISALLOWANCE OF FOREIGN TRAVEL AND CONVEYANCE EXPENSES UNDER SECTION 37(1) AND THE MANDATE OF PASSING A REASONED COGENT SPEAKING ORDER BY THE ITAT
Facts of the Case
The
Expenditure Claimed: During the assessment year 1999-2000,
the assessee, M/s Yamaha Motor India P. Ltd., debited a massive sum of
₹6.346 crores to its Profit & Loss (P&...
Commissioner of Income Tax vs. Deepak Verma | Ex-Gratia Payment on Resignation vs. Profits in Lieu of Salary under Section 17(3)(i) of Income-Tax Act
Facts of the Case
Assessee
Status and Initial Filing: The respondent, Deepak
Verma, is an individual taxpayer who filed his original income tax return.
For the relevant assessment year, the Assessing ...