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Commissioner of Income Tax vs. M/s Vasisth Chay Vyapar Ltd. | Delhi High Court | Taxability of Interest on Non-Performing Assets (NPA) of NBFCs under Sections 5 & 145 of the Income-tax Act read with Section 45Q of RBI Act
Facts of the Case
The assessee, M/s Vasisth Chay Vyapar Ltd., a
Non-Banking Financial Company (NBFC), had advanced Inter Corporate Deposits
(ICDs) to M/s Shaw Wallace & Co. Due to prolonged non-payment of intere...
Video Electronics Ltd. vs. Joint CIT / Income Tax Officer: Validity of Reopening Assessments Under Section 147 and 148 of the Income Tax Act in Context of Sham Lease Transactions and Failure to Disclose Material Facts
Facts of the Case
The
assessee, a manufacturer of TVs and a computer leasing firm, claimed
depreciation on computers purchased from M/s Pertech Computers Limited
(PCL) and leased to M/s Altos India Lt...
M/s. Devsons Pvt. Ltd. vs. Commissioner of Income Tax & Commissioner of Income Tax vs. M/s. Devsons Logistics Pvt. Ltd. (Earlier M/s. Devsons Pvt. Ltd.) – Delhi High Court
Facts of the CaseThe assessee company was engaged as a contractor
for Jaipur Municipal Corporation for lifting and disposal of garbage from the
walled city area of Jaipur.For Assessment Year 1995-96, the assessee filed...
Commissioner of Income Tax vs. M/s. JCT Limited: Exhaustive Analysis of Penalty Proceedings Under Section 271(1)(c) for Non-Disclosure of Interest Income Against Pre-operative Expenses
Facts of the CaseThe assessee, M/s. JCT Limited, engaged in the process of
calculating pre-operative expenses for their business operations and, during
this financial activity, earned interest income amounting to ₹20...
Commissioner of Income Tax v. Late Shri Raj Pal Bhatia & Ors. | Delhi High Court | Section 158BD Block Assessment Cannot Be Initiated Solely on Third-Party Statement Without Seized Material
Facts of the
CaseThe respondents were brothers and joint owners of
property bearing No. 112, Golf Links, New Delhi. The property was sold to Shri
Sunil Charla and Smt. Surksha Charla.A search under Section 132(1) was ...
Comprehensive Analysis of Delhi High Court Ruling: Upholding the Validity of Reopening Assessment Proceedings under Section 147 and 148 of the Income Tax Act in Video Electronics Ltd. vs. Joint CIT
Facts of the Case
The
assessee, a limited company engaged in the manufacturing of TVs and the
leasing of computers, claimed substantial depreciation on computers during
the assessment year 1990-1991. ...
Commissioner of Income Tax vs Indair Carriers Pvt. Ltd. – Delhi High Court Upholds ITAT Remand in Block Assessment Proceedings under Sections 132, 158BC & 158BFA of the Income Tax Act
Facts of the
CaseA search and seizure operation under Section 132 of
the Income Tax Act was conducted on 17.01.2002 at the business premises of
Indair Carriers Pvt. Ltd. and at the residences of its directors, shareho...
Commissioner of Income Tax vs. M/s. [Assessees]: Judicial Determination on the Genuineness of Purchases and Validity of Additions in Block Assessment Proceedings under Section 158BC
Facts of the CaseFollowing a search and seizure operation conducted at the
premises of the respondent, M/s. [Assessee Name], on 21.07.2004, the Revenue
initiated proceedings to account for undisclosed income. A statuto...
Comprehensive Legal Analysis: Delhi High Court Ruling on the Validity of Reopening Income Tax Assessments under Section 147/148 for Sham Lease-Back Transactions in the Case of Video Electronics Ltd. vs. Joint CIT
Facts of the CaseThe assessee, a manufacturer of televisions, engaged in a
"lease-back" transaction involving computers. The company purchased
computers from M/s Pertech Computers Limited (PCL) and immediately leased t...
Commissioner of Income Tax-V v. Pepsico India Holding Pvt. Ltd. (2011) – Delhi High Court on Section 35D Amortization, Excess Sugar Consumption Addition, Depreciation & MODVAT Credit
Facts of the Case
The assessee, Pepsico India Holding Pvt. Ltd., claimed deduction of
₹8,02,000 being one-tenth of preliminary expenses amortized under Section
35D of the Income-tax Act.
The Assessing O...