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Commissioner of Income Tax-II v. Monnet Power Ltd. (2011) – Deductibility of Pre-Operative Expenses and Interest on Borrowed Funds for Expansion of Existing Business under Sections 36(1)(iii) and 37(1) of the Income Tax Act
Facts of the CaseM/s Monnet Power Ltd., engaged in the manufacture and sale of
ferro alloys and generation and sale of power, filed its return for Assessment
Year 2003-04 declaring a loss. During assessment proceedings...
Director of Income Tax (Exemption) vs. Commerce Teachers Association | Registration under Section 12AA Cannot Be Subject to Unwarranted Conditions Restricting Collection of Fees – Delhi High Court
Facts of the CaseThe respondent, Commerce Teachers Association, was a society
registered under the Societies Registration Act, 1860. The society claimed to
be a welfare organization pursuing charitable objectives and h...
Dalmia Pvt. Ltd. vs. Commissioner of Income Tax, Delhi-10 & Another (2011) – Reassessment under Sections 147/148 Valid Where Assessee Failed to Fully and Truly Disclose Details of Sundry Creditors
Facts of the CaseThe petitioner company filed its return for Assessment Year
2003-04 declaring a loss of Rs. 29,68,536. During scrutiny assessment under
Section 143(3), the Assessing Officer examined sundry credi...
Commissioner of Income Tax, Delhi vs. Mahesh Kumar (2011) – Addition under Section 69 for Unexplained Jewellery and Property Investment Deleted Due to CBDT Jewellery Guidelines and Marginal DVO Valuation Difference
Facts of the CaseA search and seizure operation was conducted at the premises
of the assessee, Mahesh Kumar. During the search, cash and jewellery valued at
₹12,12,891 were found and seized.The assessee initially sub...
Commissioner of Income Tax v. Samsung India Electronics Ltd. – Royalty Payment, Delayed Payment Interest to SSI Units and Factory Renovation Expenditure Held as Revenue Expenditure | Sections 36(1)(vii) & 37(1) of the Income Tax Act
Facts of the Case
The
assessee paid royalty to Samsung Corning Co. Ltd. in connection with its
business operations.
The
Assessing Officer questioned whether such royalty payment constituted
c...
Commissioner of Income Tax v. Assessee – Withdrawal of High Court Appeal to Challenge ITAT Rectification Order under Section 254(2) of the Income-tax Act, 1961 | Delhi High Court
Facts of the Case
The
assessee had filed an appeal before the Income Tax Appellate Tribunal
raising various grounds.
The
Tribunal dismissed the appeal by order dated 22 December 2010.
According
...
Commissioner of Income Tax vs. [Assessee Company] – Royalty Payment, Interest on Delayed Payment to SSI Units & Factory Renovation Expenses Held as Revenue Expenditure under Section 37(1), Income-tax Act, 1961 | Delhi High Court
Facts of the CaseThe Revenue filed appeals challenging the orders passed by
the Income Tax Appellate Tribunal (ITAT) in favour of the assessee.Three principal issues arose for consideration:
Whether
royalty paid...
Asia Satellite Telecommunications Co. Ltd. vs Director of Income Tax | Taxability of Satellite Transponder Charges in India under Sections 5, 9(1)(i), 9(1)(vi), 234A, 234B & 260A of the Income-tax Act
Facts of the CaseAsia Satellite Telecommunications Co. Ltd., a company
incorporated in Hong Kong, was engaged in the business of providing satellite
communication and broadcasting facilities through satellites statione...
Commissioner of Income Tax v. Assessee Company – Taxability of Interest in Genuine Hire-Purchase Transactions under Section 4(3), Interest Tax Act, 1974 | Delhi High Court
Facts of the Case
The
assessee entered into hire-purchase agreements with its customers.
The
Assessing Officer treated those agreements as transactions yielding
interest income.
On
that ba...
Asia Satellite Telecommunications Co. Ltd. v. Director of Income Tax | Transponder Charges, Royalty, Business Connection & Taxability of Non-Resident Satellite Operators under Sections 5, 9(1)(i) and 9(1)(vi) of the Income Tax Act, 1961 | Delhi High Court
Facts of the CaseAsia Satellite Telecommunications Co. Ltd., a company
incorporated in Hong Kong, was engaged in the business of providing private
satellite communication and broadcasting facilities through satellites ...