Delhi High Court

HC imposes cost of Rs. 1 Lakh on petitioner for suppressing fact of filing same writ earlier before another bench

Independent Power Producers Association of India Vs Union of India & Ors (Delhi High Court)

Cost imposed of 1 lakh by Delhi High Court on Petitioner for suppressing the fact of filing the same writ earlier before another bench of Delhi HC and withdrawing the same as that Bench seemed unfavorable...

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Bogus Capital Gains from Penny Stocks- HC upheld the addition

Udit Kalra Vs ITO (Delhi High Court)

Udit Kalra Vs ITO (Delhi High Court) In the case there was a specific information that assessee has indulged in non-genuine and bogus capital gain obtained from the transactions of purchase and sale of shares of M/s Kappac Pharma Ltd., a Mumbai based company. It is noticed that the purchase transaction has been done off […]...

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In absence of any exempt income disallowance U/s. 14A not permissible

Pr Commissioner of Income Tax Vs Oil Industries Development Board (Delhi High Court)

ITAT relied upon the ruling of this Court in Cheminvest Limited vs. Commissioner of Income Tax-VI, (2015) 378 ITR 33 which ruled in the absence of any exempt income, disallowance under Section 14-A of the Act of any amount was not permissible. ...

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Cancellation of F Forms issued to Petitioner by dealers: HC Grants interim stay

Sheel Chand Agroils (P) Ltd. Vs Government of NCT of Delhi & Anr. (Delhi High Court)

Sheel Chand Agroils (P) Ltd. Vs Government of NCT of Delhi & Anr. (Delhi High Court) Rule 8A of the CST Delhi Rules makes the issuance of manual forms redundant. All forms now are generated electronically through the website of the DTT and qua particular transactions/suppliers. He accordingly submits that there was no occasion for [&h...

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Rectification application of assessee not to entertained in case assessee’s conduct was speculative

PCIT Vs N. R. Portfolio (Delhi High Court)

PCIT Vs N. R. Portfolio (Delhi High Court) Conclusion: The conduct of the assessee was speculative, it was not an uninformed litigant; it calculatedly chose not to question the rejection of its cross objection. Instead, waited more than a year after the decision of this court (which was rendered on 21-12-2012) till the two members [&helli...

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Addition can be made without issuing notice u/s 153C separately in case both assessee and his brother lived in same building

Vinod Kumar Gupta Vs Deputy Commissioner of Income Tax Central Circle-17 (Delhi High Court)

Where both searched assessees were brothers and were involved in the common business and assessee used to be in-charge of the accounts, there was no necessity of issuing notice under Section 153C separately to assessee in case they lived separately, but in the same building....

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HC allowed deduction U/s. 10AA as new unit was not formed by transferring any machinery or plant previously used

Pr. CIT Vs. Macquarie Global Services Pvt. Ltd. (Delhi High Court)

Pr. CIT Vs. Macquarie Global Services Pvt. Ltd.  (Delhi High Court) The respondent-assessee had set up a new unit in Special Economic Zone (SEZ) income from which was claimed as exempt under Section 10AA of the Act for a period of ten years commencing from the Assessment Year 2010-11. Exemption was allowed in the Assessment […]...

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Interest paid to earn Interest is deductible under section 57

Pr. CIT Vs Jubilant Energy Nelp-V- Pvt. Ltd. (Delhi High Court)

Pr. CIT Vs Jubilant Energy Nelp-V- Pvt. Ltd. (Delhi High Court) Money received by the respondent-assessee under the ICDs of Rs. 55.30 Crores was in the preceding year. Rs. 50 Crores was thereafter transferred and given as ICDs to M/s Jubilant Enpro Private Limited also in the preceding year. There was a nexus between the […]...

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HC quashes Notice for re-assessment based on change of opinion

Bharti Infratel Limited Vs DCIT (Delhi High Court)

Bharti Infratel Limited Vs DCIT (Delhi High Court) Conclusion: Notice for re-assessment issued under Section 148 against assessee-company was quashed as assessee had made full and true disclosure of material facts; nothing was concealed, withheld and left to be factually discovered in the form of ‘material’ mentioned in detail in acco...

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Forfeiture of deposit on surrender of industrial plot was a capital loss not a revenue loss

M/S ICS Systems Private Limited Vs CIT (Delhi High Court)

Forfeiture of advance/deposit suffered by the assessee-company towards proposed purchase of plot, unilaterally deducted by HSIDC was a capital loss not a revenue loss as loss incurred was in the transaction relating to and for acquisition of a land/plot which was a capital asset....

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