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HC - Income tax is levied on real income and not hypothetical income. If income does not result there cannot be tax.
The Liquidator Polymerland India P. Ltd. Versus DCIT
(2015) TaxCorp(LJ) 6873 (HC-DELHI)
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HC - It is settled law that there is no bar for grant of relief (extension of stay beyond 365 days under ‘writ’ jurisdiction) if the Court is of the opinion that the circumstances and the ends of justice so warrant.
CANON INDIA PRIVATE LIMITED Vs. DEPUTY COMMISSIONER OF INCOME TAX
(2015) TaxCorp(LJ) 6831 (HC-DELHI)
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HC - Reopening based on material placed before DRP considering the same as new material is not justified as it would be nothing but a ‘change of opinion’ which is not permissible in law.
M/s Lahmeyer Holding GMBH Vs. DDIT
(2015) TaxCorp(LJ) 6807 (HC-DELHI) · Section. 147
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HC - On peculiar facts of the case, involuntary stay must be excluded from computation for purposes of Section 6(1)(a) of Income Tax Act
CIT. Vs. Shri Suresh Nanda
(2015) TaxCorp(LJ) 6806 (HC-DELHI) · Section 6(1)(a)
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HC - Reasons for initiating assessment u/s 147 are required to be recorded prior to issuance of notice u/s 148
Ferrous Infrastructure Pvt. Ltd. Vs. DCIT
(2015) TaxCorp(LJ) 6805 (HC-DELHI) · Sections. 147, 148
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HC - Meaning of expressions "consultancy services" and "independent personal services" in the context of a DTAA explained
CIT vs. Grup ISM P. Ltd
(2015) TaxCorp(LJ) 6789 (HC-DELHI) · Section 9
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HC - Whilst the AO is certainly empowered to examine the nature of expenditure in the application of trust, he cannot go behind the certificate issued under Section 12A.
DIT Vs. Ram Kishan Kulwant Rai Charitable Trust
(2015) TaxCorp(LJ) 6788 (HC-DELHI) · Section 12A
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HC - Assessee did not debit the amount of Service Tax to the P&L as an expenditure nor did the assessee claim any deduction in respect of the amount and considering that the assessed is following the mercantile system of accounting, the question of disallowance u/s 43B would not arise.
Cit vs Noble And Hewitt (I) (P) Ltd.
(2015) TaxCorp(LJ) 6787 (HC-DELHI) · Section 43B
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HC - Since 'reason to believe' recorded by AO did not refer to any material that came to his knowledge whereby it could be inferred that he could have formed a reasonable belief, no reassessment on basis of info of DDIT (Investigation) that cash seized from director belonged to him.
Krown Agro Foods (P.) Ltd. v. Assistant Commissioner of Income-tax, Circle 5(1), New Delhi
(2015) TaxCorp(LJ) 6770 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=60741&Category=Judgment&CategoryType=Zip
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HC - Even though payment made by assessee (an Indian co.) to a German co. for carrying out overhaul repairs to aircrafts, amounts to technical services (‘FTS’) u/s 9(1)(vii) yet the same is not taxable in India, owing to exclusionary clause (b) thereto.
DIT vs Lufthansa Cargo India
(2015) TaxCorp(LJ) 6763 (HC-DELHI)
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HC - Conversion of outstanding interest into a loan does not amount to an "actual payment" of the interest and so deduction for the interest cannot be claimed under s. 43B Expl 3C
CIT vs. M. M. Aqua Technologies Ltd
(2015) TaxCorp(LJ) 6744 (HC-DELHI) · Section 43B
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HC - Interest on borrowed funds used for booking of a property which was to be used as a show room of company in future years was deductible as assessee had sufficient surplus funds for making payment of interest free security deposit to acquire asset in question.
Commissioner of Income-tax,(C)-III v. DD Industries Ltd.
(2015) TaxCorp(LJ) 6734 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=60717&Category=Judgment&CategoryType=Zip
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HC - Where identity and relationship of donor was known, amount received by assessee by way of gift from said donor could not be treated as cash credit u/s 68
Commissioner of Income-tax v. Ramesh Suri
(2015) TaxCorp(LJ) 6731 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=60392&Category=Judgment&CategoryType=Zip
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HC - Development of housing projects for DDA is eligible for deduction under section 80-IB
Commissioner of Income-tax-VI v. VRM India Ltd.
(2015) TaxCorp(LJ) 6729 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=60724&Category=Judgment&CategoryType=Zip
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HC - IT information 'exempt from disclosure' under Right to Information Act, 2008 as no element of larger public interest involved in disclosure of information submitted to Income tax authorities by assessees.
Naresh Trehan And Others vs Rakesh Kumar Gupta
(2015) TaxCorp(LJ) 6695 (HC-DELHI)
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HC - Loss from Compensation bonds issued by Government of India, in lieu of irrecoverable debt due from Iraq Government is a a business loss and not a capital loss.
Ircon International Ltd. vs. DCIT
(2015) TaxCorp(LJ) 6680 (HC-DELHI)
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HC - Even though dividend income derived from business promotion was assessable under head ‘income from other sources’ u/s 56, still interest expenditure incurred for the purpose of business promotion should be considered for business expenditure deduction u/s 36 (1) (iii) and not u/s 57.
Eicher Goodearth vs. CIT
(2015) TaxCorp(LJ) 6674 (HC-DELHI) · Sections. 36, 57
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HC - Additional excise duty incurred on plastic moulds, given free of cost to contract manufacturers for manufacture of Tupperware products being 'tax-neutral', expense allowable u/s 37.
Tupperware India Pvt. Ltd. vs. CIT
(2015) TaxCorp(LJ) 6672 (HC-DELHI) · Section. 37
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HC - Denying extension of stay by ITAT beyond 365 days to 'well-behaved' assessee is violative of Article 14 of Constitution and has no nexus or connection with object sought to be achieved.
Pepsi Foods (P.) Ltd. v. Assistant Commissioner of Income-tax
(2015) TaxCorp(LJ) 6653 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=61159&Category=Judgment&CategoryType=Zip
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HC - DRP procedure is part of the assessment proceedings and queries raised and answered during the DRP proceedings stands on same footing as in the course of assessment proceedings before AO, therefore quashes reassessment proceedings u/s 148 is not justified.
Lahyemer Holdings Gmbh vs DDIT
(2015) TaxCorp(LJ) 6643 (HC-DELHI) · Section. 148
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