IT: Section 94(7) dealing with dividend stripping is applicable from assessment year 2002-03 onwards and, therefore, Commissioner was wrong in invoking his revisionary power under section 263 on issue of dividend stripping, which related to assessment year 2001-02 ■■■ [2012] 21 taxmann.com 68 (Delhi) HIGH COURT OF DELHI Commissioner...
SECTION 147/INCOME-TAX ACT [2009] 177 TAXMAN 6 (DELHI) HIGH COURT OF DELHI Commissioner of Income-tax*, Delhi (Central)-II v. Kapil Dev BADAR DURREZ AHMED AND RAJIV SHAKDHER, JJ. IT APPEAL NO. 1563 OF 2006 † AUGUST 21, 2008 Section 147 of the Income-tax Act, 1961 - Income escaping assessment - Non-disclosure of primary facts -...
IT: Where Commissioner (Appeals) granted partial relief to assessee in respect of unexplained expenditure against which revenue did not file any appeal, said order became final and, therefore, in pursuance of remand proceedings, Assessing Officer could not make addition to that extent again to assessee's...
IT : Where assessee furnished a performance guarantee to get a contract awarded in its favour and to procure said guarantee, it had kept amount in fixed deposit, interest received on said deposit was to be treated as business income against which project expenses could...
IT : Lease equalisation charges cannot be reduced while calculating profits IT : Lease equalisation charges cannot be disallowed/deleted from profit and loss account for purposes of computing book profit under section 115JB IT : Bond issue expenses were revenue in nature IT : Possession of premises being...
IT : Share application monies received by assessee-company in cash for allotment of shares would not amount either to a 'loan' or 'deposit' within meaning of section 269SS ■■■ [2011] 16 taxmann.com 407 (Delhi) HIGH COURT OF DELHI Commissioner of Income tax, Delhi-IV v. I.P. India (P.) Ltd.* SANJIV KHANNA AND R.V....
IT : Where assessee carried on business of commission agent by arranging for transportation of goods through other transporters, in view of fact that assessee only acted as intermediary and, there was no privity of contract between assessee and clients, assessee was not liable to...
[2009] 316 ITR 209 (DELHI) HIGH COURT OF DELHI Commissioner of Income-tax Dev Musco Lighting (P.) Ltd. MADAN B. LOKUR AND MANMOHAN SINGH, JJ. I.T APPEAL NO. 1677 OF 2006 MAY 2, 2008 Section 251 of the Income-tax Act, 1961 – Commissioner (Appeals) – Powers of POWER TO ADMIT ADDITIONAL EVIDENCE Where in...
IT : Remission of STT under section 88E would get reduced from tax payable in computing taxable income both under normal provisions as well as book profits computed under section 115JB ■■■ [2015] 54 taxmann.com 337 (Delhi) HIGH COURT OF DELHI Commissioner of Income-tax-I v. CNB Finwiz Ltd.* SANJIV KHANNA AND...
IT: Where share broker held shares only of three companies as investment, kept them in a separate portfolio and sold them after a gap of 4 months, short-term capital gains would arise ■■■ [2014] 52 taxmann.com 221 (Delhi) HIGH COURT OF DELHI Commissioner of Income-tax v. CNB Finwiz Ltd.* SANJIV KHANNA...