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CommissionerCommissioner of Income Tax v. Vasisth Chay Vyapar Ltd. – Taxability of Interest on Non-Performing Assets (NPA) of NBFCs under the Income-tax Act and RBI Prudential Norms | Delhi High Court
Facts of the Case
The assessee, an NBFC, had advanced Inter Corporate Deposits to
Shaw Wallace & Company.
Interest on the deposits remained unpaid for a prolonged period
exceeding six months.
Under ...
Commissioner of Income Tax vs. M/S Taj International Jewellers | Allowability of Interest Netting Under Section 57(iii) of Income Tax Act for FDRs Created via Bank Loans Utilizing EXIM Policy and LIBOR Disparity
Facts of the Case
The
Assessee (M/S Taj International Jewellers) was engaged in the business of
exporting jewellery.
During
the assessment years 2005-06 and 2006-07, the assessee borrowed ₹35.34
...
Commissioner of Income Tax vs A.T. Invofin India (P) Ltd. & Connected Matters | Delhi High Court | Sections 158BB, 158BC, 139 & Chapter XIV-B of the Income-tax Act
Facts of the
Case
A search and seizure operation under the Income-tax Act was
conducted on 13 January 2000 on a group of companies.
The due date for filing the return for Assessment Year 1999-2000
had ex...
M/s Parivar Seva Sanstha vs Director of Income Tax (Exemption) – Delhi High Court Remands Matter on Reasonableness of Salary Paid to Specified Person under Sections 11, 12 & 13 of the Income-tax Act, 1961
Facts of the Case
The assessee, M/s Parivar Seva Sanstha, is a charitable society
engaged in family planning and maternal and child healthcare activities.
The society was duly registered under Section 12A of th...
Commissioner of Income Tax vs. M/S Taj International Jewellers | Allowability of Interest Netting Under Section 57(iii) of Income Tax Act for FDRs Created via Bank Loans Utilizing EXIM Policy and LIBOR Disparity
Facts of the Case
The
Assessee (M/S Taj International Jewellers) was engaged in the business of
exporting jewellery.
During
the assessment years 2005-06 and 2006-07, the assessee borrowed ₹35.34
...
Commissioner of Income Tax vs. M/s John Tinson & Company (P) Ltd. | Delhi High Court | Section 275(1)(a) & Section 271(1)(c) of the Income Tax Act | Limitation for Penalty Proceedings After Fresh Assessment Order
Facts of the CaseThe respondent-assessee, M/s John Tinson &
Company (P) Ltd., filed its return of income for Assessment Year 1993-94
declaring a loss. The Assessing Officer did not accept the return and completed
...
Commissioner of Income Tax vs. M/S Taj International Jewellers: Netting of Interest Under Section 57(iii) Allowed for Exporters Capitalizing on EXIM Policy and LIBOR Disparities
Facts of the Case
The
assessee, M/S Taj International Jewellers, is engaged in the business of
exporting jewellery.
During
the Assessment Years 2005-06 and 2006-07, the assessee borrowed a sum of
...
Commissioner of Income Tax vs. Child Education Society: Delhi High Court Upholds Renewal of Section 80G Exemption for School, Ruling That Contributions in Kind for Institutional Carnivals and Technical Filing Delays Do Not Constitute Irregularities
Facts of the Case
The
respondent-assessee, Child Education Society, runs a school and enjoys
income tax exemption under Section 11 of the Income-Tax Act, 1941.
The
assessee had also been consistent...
Parivar Seva Sanstha v. Director of Income Tax (Exemption) | Delhi High Court on Reasonableness of Salary Paid to Specified Persons under Sections 11, 13(1)(c) & 13(3) of the Income Tax Act
Facts of the
CaseParivar Seva Sanstha, a society registered under
the Societies Registration Act, 1860, was engaged in family planning, maternal
healthcare and child healthcare activities. The society was duly registe...
Great Eastern Exports v. Commissioner of Income Tax & Connected Appeals (Delhi High Court) – Deduction under Section 80HHC to be Computed After Reducing Deduction Already Allowed under Section 80-IA/80-IB
Facts of the CaseThe batch of appeals before the Delhi High Court
involved a common issue regarding computation of deductions under Chapter VI-A
of the Income-tax Act, 1961. The assessees had claimed deductions under
...