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CIT v. Smt. Deepa Singhal: Application of Peak Credit Theory to Bank Deposits and Restricting Additions to Peak Balance under Section 68 of the Income Tax Act
Facts of the CaseDuring the assessment proceedings, the Assessing Officer
(AO) discovered multiple cash deposits totaling ₹25.73 lakhs in the Savings
Bank Account maintained by the assessee with Canara Bank. Due to a...
Commissioner of Income Tax v. [Assessee] – Whether UPS is Eligible for 60% Depreciation as Part of Computer System or Only 25% as Power Supply Equipment | Delhi High Court
Facts of the Case
The assessee purchased and used UPS devices along with its computer
systems.
Depreciation at the rate of 60% was claimed on UPS by treating it
as part of the computer system.
The Asses...
Commissioner of Income Tax vs. M/s. Visual Technologies India Pvt. Ltd. – Whether Section 10B Benefit for a Profit-Making Unit Can Be Claimed Without Adjusting Losses of Another Unit of the Same Assessee: Delhi High Court Remands Matter to ITAT for Adjudication on Merits
Facts of the Case
The
Revenue filed an appeal before the Delhi High Court challenging the
treatment of tax benefits claimed by the assessee under Section 10B of the
Income Tax Act.
The
assess...
Director of Income Tax vs Brahmaputra Capital Financial Services Ltd. | Interest on NPA Not Taxable on Accrual Basis for NBFCs | Delhi High Court
Facts of the Case
The assessee, Brahmaputra Capital Financial Services Ltd.,
was a Non-Banking Financial Company (NBFC).
It had advanced interest-bearing loans aggregating approximately
₹13.57 crore to ...
Commissioner of Income Tax vs. M/s Padmini Technologies Ltd.: Scope of Section 68 Unexplained Cash Credits in Reassessment – Deletion of Additions Based on Final Findings of Customs
Facts of the Case
The
regular assessment under Section 143(3) of the Income Tax Act for the
Assessment Year (AY) 1997-98 was completed for the assessee, M/s Padmini
Technologies Ltd., on March 31, 200...
Delhi High Court Ruling on Section 271(1)(c) Penalty and Section 45(5)(b) Inchoate Rights: Commissioner of Income Tax vs. Smt. Bimla Devi (2010:DHC:11371-DB) — Evaluating Deferment of Capital Gains Tax on Disputed Enhanced Land Acquisition Compensation and the Pre-2009 Debatable Legal Position Under the Income Tax Act, 1961
Facts of the CaseThe respondent-assessee, Smt. Bimla Devi, was an individual
whose ancestral agricultural lands (originally belonging to her mother) were
compulsorily acquired by the State of Haryana under the provisio...
Commissioner of Income Tax vs. Assessee | Comprehensive Delhi High Court Ruling on Non-Disallowance of Delayed ESI and PF Statutory Contributions Deposited Within Allowed Grace Period Prior to the Filing of Income Tax Return Under Section 43B of the Income Tax Act, 1961
Facts of the CaseThe Appellant (Revenue) challenged the actions of the
assessee regarding the timing of statutory deposits. The assessee had made
payments towards Employee State Insurance (ESI) and Provident Fund (PF)
...
Director of Income Tax vs. Brahmaputra Capital Financial Services Ltd. (2011) 2011:DHC:2801-DB | Interest on NPA Not Taxable on Accrual Basis for NBFCs Under Real Income Theory
Facts of the CaseThe assessee, Brahmaputra Capital Financial
Services Ltd., a registered Non-Banking Financial Company (NBFC), had advanced
interest-bearing loans aggregating to approximately ₹13.57 crores to certain...
Commissioner of Income Tax v. M/s. [Respondent Assessee] — Dismissal of Revenue's Appeal by ITAT on Hyper-Technical Grounds of Non-Filing of Complete Assessment Order Set Aside; Substantial Justice Must Prevail Over Unintentional Technical Omissions under Section 260A of the Income Tax Act, 1961
Facts of the Case
The
Income Tax Appellate Tribunal (ITAT) dismissed an appeal filed by the
Revenue solely on the technical ground that the Revenue had failed to file
the complete assessment order alo...
Commissioner of Income Tax, Delhi-VIII vs. Indian Farmers Fertilizers Co-operative Ltd. (IFFCO): Validity of Re-assessment Proceedings Under Section 147/148 Beyond Four Years for Mandatory Set-off of Suppressed Past Losses against Unit-Wise Profits to Restrict Excessive Relief Claimed Under Section 80-I of the Income-Tax Act, 1961
Facts of the Case
The
respondent/assessee is a co-operative society manufacturing fertilizers.
For the assessment year 1993-94, it filed a return claiming massive
deductions under Section 80-I for its...