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Shri John Thomas Versus Commissioner of Income-tax: Taxability of Rental Income Adjusted Against Mortgage Loans under Section 22 and Section 256 of the Income-tax Act, 1961 – Comprehensive Analysis of Application vs. Diversion of Income by Overriding Title in Usufructuary Mortgages
Facts of the Case
Property
Ownership: The assessee, Shri John Thomas, owned a
multi-story commercial house property named 'Rageena Mansion' located in
Madras (now Chennai), which was constructed in 19...
Additional Commissioner of Income-Tax vs. M/S Motorlite Manufacturing Co. — Scope of Penalty under Section 271(1)(c) of the Income-Tax Act, 1961: Whether Estimation of Income by Department Overriding Unclosed Books Incurs Penalty for Concealment in Absence of Fraud or Gross Neglect
Facts of the Case
Firm
Structure and Seizure: The assessee, M/S Motorlite Mfg Co.,
was originally a partnership firm comprising two partners, Mohinder Singh
and Richpal Singh, sharing profits and loss...
Commissioner of Income-tax, Delhi-I vs. M/s. Regal Theatre | Allowability of Business vs. Entertainment Expenditure under Section 37(2B) of the Income-tax Act, 1961: A Definitive Ruling on Hospitality and Club Expenses
Facts of the CaseThe assessee, M/s. Regal Theatre, incurred a total expenditure
of ₹42,040 on various items during the assessment year 1974-75 (with the
relevant previous year ending on October 31, 1973). The Income-...
Commissioner of Income-tax, Delhi-I vs. M/s. Eskay Electronics (India) Ltd. – High Court of Delhi Case Law Analysis on Eligibility of Interest Under Section 214 of the Income-tax Act, 1961 for Delayed Payment of Advance Tax Instalments Deposited Within the Financial Year
Facts of the Case
Assessee
Profile & Assessment Year: The Respondent-Assessee,
M/s. Eskay Electronics (India) Ltd., is a private limited company. The
case concerns the Assessment Year (AY) 1975-76...
Income Tax Law Case Summary: The Commissioner of Income-tax vs. Shri Jatinder, Shri D.R. Bhagat, Late Shri P.S. Bhagat, and Smt. Maya Devi — Scope of Section 263 on Revisionary Powers and the Date of Accrual of Directors' Commission vs. Subsequent Post-Accrual Resolutions
Facts of the Case
Assessee
Profiles: The assessees involved in these
consolidated references were Directors of a private limited entity named
M/s Bhagat Construction Company (P) Ltd.
Company
...
Commissioner of Income-tax vs. Shri Jatinder, Shri D.R. Bhagat, Late Shri P.S. Bhagat (through L.Rs), and Smt. Maya Devi — Legal Validity of Post-Accrual Board Resolutions for Reduction of Directors’ Commission and the Scope of Revisionary Powers Under Section 263 of the Income-tax Act, 1961
Facts of the Case
The
contesting assessees served as Directors and a Managing Director for M/s
Bhagat Construction Company (P) Ltd., incorporated on October 19, 1965.
The company operated on a Diwali-...
Comprehensive Judicial Review on the Power of Domestic Tax Assessment versus Double Taxation Avoidance Mechanisms: The Commissioner of Income-tax, Delhi-I, New Delhi vs. The State Bank of India, New Delhi (As Legal Successor to the National Bank of Lahore, Ltd.)
Facts of the CaseThe respondent-assessee, State Bank of India, acted as the
legal successor to the National Bank of Lahore, Ltd. During the statutory
evaluation for the Assessment Year 1966-67, the Income-tax Officer l...
Shri J.N. Sahni vs. Income Tax Appellate Tribunal & Others – Whether ITAT Can Recall a Final Order on Merits under Section 254(2) of the Income-tax Act, 1961 | Delhi High Court
Facts of the CaseThe petitioner, Shri J.N. Sahni, had filed appeals before the
Income Tax Appellate Tribunal (ITAT) relating to assessment years 1973-74 and
1974-75. The appeals were decided in his favour.Subsequently,...
Anil Kumar Bindal & Another vs. Director General of Income Tax & Others – Validity of Search under Section 132 and Block Assessment Proceedings under Section 158BC | Delhi High Court
Facts of the CaseThe petitioners, Shri Anil Kumar Bindal and Mrs. Sanita
Bindal, filed separate writ petitions challenging the legality of an income-tax
search conducted on 21.11.2000 under Section 132 of the Income-ta...
Commissioner of Income Tax vs. Late Shri Gulshan Kumar (Through L.R.) – Applicability of Section 52(2) on Transfer of Shares at Cost Price | Delhi High Court
Facts of the CaseThe assessee, Late Shri Gulshan Kumar, filed his income tax
return for Assessment Year 1987-88 declaring an income of ₹3,60,440, which was
subsequently revised to ₹4,10,400. The assessment was comp...