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Krishak Bharti Cooperative Ltd. vs Assistant Commissioner of Income Tax (Delhi High Court, 2022) – Lease Premium: Capital or Revenue Expenditure under Income Tax Law
Facts of the
Case
The assessee, Krishak Bharti Cooperative Ltd., filed an
appeal against the ITAT order dated 29 December 2021.
The dispute pertains to Assessment Year 2010–11.
The assessee had paid leas...
Balesh Jain Sons HUF vs Assistant Commissioner of Income Tax & Anr (Delhi High Court, 2022) – Reassessment u/s 148A Invalid Without Supporting Material Disclosure
Facts of the CaseThe petitioner filed its income tax return declaring an
income of ₹10,80,404, which was processed under Section 143(1) of the Income
Tax Act. Subsequently, a show cause notice dated 17 May 2022 under...
GE India Industrial Pvt. Ltd. vs Deputy Commissioner of Income Tax & Ors. (Delhi High Court, 2022) – Invalid Assessment Orders Passed Ignoring DRP Objections and Court Stay
Facts of the
CaseThe petitioner challenged the final assessment
order dated 09.06.2021 passed for AY 2017–18 along with consequential demand
and penalty proceedings. The petitioner had filed objections to the draft
...
Principal Commissioner of Income Tax–3 vs Diageo Distilleries Pvt. Ltd. (2022:DHC:3680-DB) | Interest Disallowance, Business Expenditure & Sections 36 & 37 Analysis
Facts of the CaseThe present appeal was filed by the Revenue challenging the
order passed by the Income Tax Appellate Tribunal (ITAT) for Assessment Year
2012–13. The Assessing Officer (AO) had made disallowances on ...
Ernst and Young U.S. LLP vs Assistant Commissioner of Income Tax & Anr. (Delhi High Court, 2022) – Reassessment under Section 148A Valid Without Fresh Tangible Material
Facts of the
CaseThe petitioner, Ernst and Young U.S. LLP,
challenged the order dated 14 July 2022 passed under Section 148A(d) of the
Income Tax Act, 1961 for Assessment Year 2018–19.The reassessment proceedings we...
Sh. Ashok Kumar vs Principal Commissioner of Income Tax (Delhi High Court) – Bogus Purchases, Burden of Proof & ITAT Direction Modification under Income Tax Law
Facts of the Case
The
assessee, engaged in trading of chemical products, filed return for
AY 2013-14.
Case
was selected for scrutiny, focusing on sundry creditors and purchases.
AO
i...
PVR Ltd. vs Commissioner of Income Tax (Delhi High Court, 2022) – ESOP Discount Allowable as Revenue Expenditure under Section 37(1)
Facts of the
Case
The assessee, PVR Ltd., introduced ESOP/ESPS schemes for its
employees.
Employees were granted stock options at a price lower than the
prevailing market price.
The assessee claimed ...
Pr. Commissioner of Income Tax vs. PNB Housing Finance Ltd. (Delhi High Court) – Section 14A & 36(1)(viii) Deduction on Stock-in-Trade Income Clarified
Facts of the CaseThe assessee, PNB Housing Finance Ltd., a subsidiary of
Punjab National Bank, is engaged in retail lending and long-term housing
finance. For Assessment Year 2010–11, the Revenue challenged the ITATâ...
Mrs. Anjul vs Office of Principal Commissioner of Income Tax-12 & Ors. (Delhi High Court, 2022) – Interest on Delayed Refund under Direct Tax Vivad Se Vishwas Act
Facts of the
Case
The petitioner was granted a final certificate (Form-5)
under the VSV Act on 05 April 2021, determining refund amounts for
AY 2010-11 and 2011-12.
Despite determination, the refund was...
Principal Commissioner of Income Tax (Central-1) vs Gautam Bhalla – No Addition u/s 153A Without Incriminating Material in Non-Abated Assessments (Delhi High Court)
Facts of
the CaseThe Revenue filed an appeal challenging the order of the
Income Tax Appellate Tribunal (ITAT) dated 31 July 2020 for Assessment Year
2011-12. The ITAT had held that no addition could be made und...