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Commissioner of Income Tax (Central)-I vs Manish Build Well Pvt. Ltd.: Interpretation of Section 68 & Rule 46A in Real Estate Taxation
Facts of the
CaseThe Revenue (Income Tax Department) appealed
against the ITAT order which favored Manish Build Well Pvt. Ltd., a
private limited company engaged in real estate development. The issues arose
from:
C...
Moderate Leasing & Capital Services Ltd. vs Commissioner of Income Tax – Classification of Loss on Sale of Shares as Capital Loss or Revenue Loss under Section 143(3) of the Income Tax Act
Facts of the
CaseThe respondent-assessee, Moderate Leasing &
Capital Services Ltd., engaged in leasing and investment activities, filed its
income tax return for the assessment year 2004-05 under Section 143(3) of...
Maxopp Investment Ltd & Ors vs Commissioner of Income Tax, New Delhi – Section 14A & Rule 8D Disallowance of Expenditure
Facts of the
Case
The batch involved 21 appeals under section 260A, with 11
filed by assessees and 10 by revenue.
All appeals concerned Section 14A of the Income Tax Act, 1961
and Rule 8D of the Income T...
Kohinoor Foods Ltd vs Commissioner of Income Tax: Delhi High Court Ruling on Section 80-IA & Reassessment under Sections 147/148 of the Income Tax Act, 1961
Facts of the
CaseKohinoor Foods Ltd, a company engaged in the
business of manufacturing and exporting rice, pulses, and seeds, filed its
income tax returns for the assessment years 1994-95 and 1995-96. The company
cl...
The Commissioner of Income Tax – II vs Moderate Leasing & Capital Services Ltd.: Classification of Loss on Sale of Shares under Income Tax Act, Section 2(14) & 143(3)
Facts of the Case:The respondent, Moderate Leasing & Capital Services Ltd.,
engaged in leasing and investments, filed its return for the Assessment Year
2004-05. The assessee claimed a loss of `1,34,06,274/- on the...
National Cooperative Development Corporation vs Assistant Commissioner of Income Tax, Circle 13(1) – Interpretation of Section 36(1)(viii) of the Income Tax Act, 1961 on Deduction of Profits from Long-Term Finance
Facts of the
CaseThe National Cooperative Development Corporation
(NCDC) filed seven appeals under Section 260A challenging the orders of the
Income Tax Appellate Tribunal (ITAT) for assessment years ranging from
199...
Commissioner of Income Tax-II vs KAS Movie Pvt Ltd | Section 271(1)(c) & 80HHF | Income Tax Penalty Matter
Facts of the CaseThe Assessing Officer (AO) levied a penalty of ₹10,94,657
under Section 271(1)(c) of the Income Tax Act, 1961, on KAS Movie Pvt Ltd for
allegedly claiming an incorrect deduction of ₹29,78,659 under...
The Commissioner of Income Tax Delhi IV vs I.P. India Pvt. Ltd. | Section 269SS & 271D | Penalty on Share Application Money
Issues Involved
Whether
the ITAT erred in deleting the penalty of Rs. 18,00,000 imposed under Section
271D.
Whether
share application money received in cash constitutes a violation of Section
...
The Commissioner of Income Tax Delhi IV vs I.P. India Pvt. Ltd. | Section 269SS & 271D | Penalty on Share Application Money
Issues Involved
Whether
the ITAT erred in deleting the penalty of Rs. 18,00,000 imposed under Section
271D.
Whether
share application money received in cash constitutes a violation of Section
...
BSV Enterprises vs Commissioner of Income Tax – Delhi High Court on Service of Notice under Section 143(2) and Assessment Classification
Facts of the CaseBSV Enterprises, a partnership firm comprising three partners
– Shashi Bala Jain, Veena Jain, and Babita Jain – filed their income tax return
for the assessment year 2004-05 on 31st March 2005, dec...