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ITAT - Deduction of expenditure incurred in earning income u/s 56 allowed where the source is inextricable to the nature of the expenditure.
Pr. Commissioner of Income Tax-21 Versus The Mantola Cooperative Thrift & Cradit Society Ltd.
(2017) TaxCorp(LJ) 12283 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=68587&Category=Judgment&CategoryType=Zip
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HC - Writ Dismissed - ITAT has powers to direct production of file u/s 124 in respect of transfer order passed u/s 127.
Pr. CIT. Vs. ITAT
(2017) TaxCorp(LJ) 12275 (HC-DELHI) · Section. 127
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HC - Despite the unit hived-off, ‘block of assets’ did not come to an end, therefore assessee can claim depreciation thereon.
Sony India Pvt. Ltd. vs. CIT
(2017) TaxCorp(LJ) 12115 (HC-DELHI)
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HC - Benefit of Section 54F could be granted u/s 264 when it was originally not claimed during the assessment proceedings.
Rajesh Kumar Aggarwal Versus Commissioner of Income Tax Delhi-VIII & Another
(2017) TaxCorp(LJ) 12105 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=68414&Category=Judgment&CategoryType=Zip
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S. 68 Bogus capital gains: A transaction cannot be treated as fraudulent if the assessee has furnished documentary proof and proved the identity of the purchasers and no discrepancy is found. The AO has to exercise his powers u/s 131 & 133(6) to verify the genuineness of the claim and cannot proceed on surmises
Pr. CIT. vs. Jatin Investment Pvt. Ltd.
(2017) TaxCorp(LJ) 12037 (HC-DELHI) · Section. 68
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HC - Profits earned by international airlines from providing technical services to other airlines is not taxable in India under DTAA.
Lufthansa German Airlines Vs. Director Of Income Tax
(2017) TaxCorp(LJ) 12035 (HC-DELHI)
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S. 147/ 151: The mere appending of the word "approved" by the CIT while granting approval u/s 151 to the reopening u/s 147 is not enough. While the CIT is not required to record elaborate reasons, he has to record satisfaction after application of mind. The approval is a safeguard and has to be meaningful and not merely ritualistic or formal
Pr. CIT vs. N. C. Cables Ltd
(2017) TaxCorp(LJ) 11977 (HC-DELHI) · Sections 147, 151
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HC - Since purchases too were made outside the books of account and proper accounting or reconciliation could not be made by the assessee, the value of the investment and the estimated profits on the basis of the undisputed rate i.e. 4.5 % GP had to be adopted.
CIT Versus M/s Kuwer Fibres (P) Ltd
(2017) TaxCorp(LJ) 11844 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=68173&Category=Judgment&CategoryType=Zip
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HC - Advertisement and promotion expenses towards enhancement of brands owned by foreign parent-company is allowable as business expenditure.
Pr. CIT vs. Seagram Manufacturing Pvt. Ltd.
(2017) TaxCorp(LJ) 11817 (HC-DELHI)
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HC - Benefit u/s 10B available despite assessee's Forex receipt not direct, but exports made through its sister concern.
Pr. CIT. Vs. Earth Stone Group
(2017) TaxCorp(LJ) 11800 (HC-DELHI) · Section. 10B
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HC - The question of applying statutorily prescribed method u/s 14A(2) for computing the disallowance arises only and only if AO expresses an opinion along with objective material rejecting assessee’s methodology.
PCIT. Vs. U.K Paints (India) Pvt. Ltd.
(2016) TaxCorp(LJ) 11771 (HC-DELHI) · Section. 14A
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HC - When the DRP itself stated that since Indian banks were charging 250 basis points above LIBOR on similar loans, there was no good reason for holding that the loan advanced to a subsidiary at 247 basis points above the LIBOR rate to be not at arm’s length.
Pr. Commissioner Of Income Tax – 9 Versus M/s. UFO Moviez Inida Ltd.
(2016) TaxCorp(LJ) 11764 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=68087&Category=Judgment&CategoryType=Zip
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HC - ITAT had adopted a mechanical approach in following Galileo International Inc’s case on 15% profit attribution.
Pr. CIT. Vs. Travelport L. P. USA
(2016) TaxCorp(LJ) 11754 (HC-DELHI)
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HC - For claiming relief u/s 91, the same income must be taxed in both the countries, therefore as the income subject to deduction u/s 80HHB and Sec.35B did not suffer any tax in India, no relief can be granted u/s 91.
Reliance Infrastructure Ltd. vs. CIT
(2016) TaxCorp(LJ) 11723 (HC-DELHI) · Section. 91
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HC - Not correct to hold that satisfaction note for initiating block assessment u/s 153C in case of assessee was flawed since it contained the term “belonged to” and not “relates to” as required by amendment in Finance Act , 2015.
PCIT. Vs. Super Malls Ltd.
(2016) TaxCorp(LJ) 11722 (HC-DELHI) · Section. 153C
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HC- Administrative convenience was a valid ground for transfer of assessee's case u/s 127.
Ravneet Takhar v. Commissioner of Income-tax-IX
(2016) TaxCorp(LJ) 11720 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=66748&Category=Judgment&CategoryType=Zip
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HC - Although information received from the UK authorities was sufficient to trigger reassessment, Revenue chose to wait for three years to reopen a decade-late completed assessment by when the assessee had died.
CIT. Vs. K. M Bijli
(2016) TaxCorp(LJ) 11714 (HC-DELHI)
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HC - In absence of any agreement, 5-year advance received by consultant should be taxed in year of receipt in case of cash system of accounting with expenditure estimated at 35 per cent to be disallowed.
Commissioner of Income-tax-IX v. Aman Khera
(2016) TaxCorp(LJ) 11697 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=65933&Category=Judgment&CategoryType=Zip
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HC - Writ Allowed - Even though no express time limitation is provided for in Sec. 201, show cause notice must be issued within a 'reasonable' time.
Bharti Airtel Ltd. Vs. UOI AND ANR.
(2016) TaxCorp(LJ) 11693 (HC-DELHI)
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HC - Writ Dismissed - Reopening valid on assessee’s failure to substantiate genuineness of transactions relating to receipt of share capital.
Aravali Infrapower Ltd. vs. DCIT
(2016) TaxCorp(LJ) 11667 (HC-DELHI)
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