Blog Categories
All Posts
Accounting Standard 7
CBDT 1
Chartered Accountant 1
Chartered Engineer 1
Greetings 1
Income Tax Act 2025 0
Labour Law 2
MCA Notification 1
MSME 1
NGO- Trust & Society 0
PLACEMENT 1
Press Information Bureau, Government of India (PIB) 2
RBI & Banks 1
RERA 0
RTI 1
STUDENT ICAI 1
Virtual Webinar 5
Subscribe to Newsletter
Join our subscribers list to get the latest Tax Updates and Opportunities.
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 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 ...
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...
Commissioner of Income Tax vs. Piyush Kaushik (ITA No. 854/2009): Maintainability of an Appeal Filed Against an ITAT Order Passed Under Section 254(2) regarding Rectification of Mistakes
Facts of the CaseThe Appellant, representing the Revenue department,
approached the High Court of Delhi by filing a statutory income tax appeal
under the provisions of the Income Tax Act, 1961. This appeal specifically...
High Court Ruling on Annual Letting Value: Commissioner of Income Tax vs. Business Engineering and Software Technologies Ltd. – Section 23(1) Addition Deleted as Vacated Property was Occupied and Utilized for Assessee's Own Business
Facts of the Case
The
case pertains to the Assessment Year (AY) 2001-2002.
The
assessee, M/s Business Engineering and Software Technologies Ltd., owned a
property bearing No. A-84, Sector-58, Noida...
Commissioner of Income Tax vs. Manor Hotels Pvt. Ltd. – Delhi High Court Judgement on the Applicability of Section 40A(2)(b) of the Income Tax Act, 1961: Whether 26% Compounded Interest on Unsecured and Uncollateralized Loans From Related Entities to a Newly Incorporated Hotel Company is Excessive or Justified by Commercial Expediency and Business Needs.
Facts of the Case
Assessee
Profile: The respondent/assessee is a Private
Limited Company running a hotel under the name of M/S Manor Hotels Pvt.
Ltd.
The
Transaction: During the Assessment Yea...
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 Golden Infracon Pvt. Ltd. (ITA No. 1715/2010): Admissibility and Genuineness of Valid Business Expenditures or Job Work Charges Erroneously and Inadvertently Debited Under an Incorrect Accounting Head of Commission Account Under Section 37(1) of the Income Tax Act, 1961
Facts of the Case
The
assessee filed its income tax return, claiming certain expenditures
incurred for business purposes.
During
the assessment proceedings, the Assessing Officer (AO) noted that an...
Fab India Overseas Pvt. Ltd. vs Commissioner of Income Tax (Delhi High Court) – Scope of Revision under Section 263, Transfer Pricing Reference to TPO, and Distinction Between Lack of Inquiry and Inadequate Inquiry
Facts of the Case
The assessee, Fab India Overseas Pvt. Ltd., was engaged in export
and local trading of handloom products and readymade garments.
For Assessment Year 2004-05, it filed its return declaring inco...