Delhi High Court

Gift tax not applicable on share transfers or transfer of property to effectuate a settlement

Commissioner Of Gift Tax Vs. Ramesh Suri (Delhi High Court)

The difference between the market value of the shares and the value of the transfer was held to constitute deemed gift under Section 4 and that amount was brought to tax. The Gawahati High Court found that the transfer was pursuant to a family settlement and stated that the provisions of the Gift Tax Act would not be applicable....

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HC held expense on Repair & Maintenance by Rambagh Palace Hotels as Revenue in Nature

Principal CIT Vs Rambagh Palace Hotels Pvt. Ltd. (Delhi High Court)

The Delhi High Court recently ruled that the repair and maintenance expenditure incurred by a Hotel is revenue expenditure under the Income Tax Act. ...

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Provision made by Bank for Interest on Overdue Deposits is allowable expense

Oriental Bank of Commerce Vs. Additional Commissioner of Income Tax (Delhi High Court)

In the case of Oriental Bank of Commerce VS Additional Commissioner of Income Tax, Delhi High Court has held that provision made by bank for interest on overdue deposits can’t be disallowed. ...

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Delay in service of notice U/s. 143(2) invalidates Scrutiny assessment

Pr. CIT Vs. National Informatics Centre Services Inc. (Delhi High Court)

Pr. CIT Vs. National Informatics Center Services Inc. (Delhi High Court) Date of filing of the return of income is 25-09-2009. Therefore, the notice served on the taxpayer u/s 143(2) on 26-08-2011 is beyond the period of six months from the end of the financial year in which the return was furnished. Therefore, the notice […]...

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HC clarifies on Carry forward of unabsrobed depreciation on 1st day of April, 2002

Pr. Commissioner Of Income Tax- 2 Vs. British Motor Car Co. (Delhi High Court)

For the reasons mentioned in the application, the delay in re-filing the present appeal is hereby condoned....

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Lease equalization charges not to be added back in computing book profits U/s. 115JA

Commissioner Of Income Tax Vs. M/s. Mgf India Ltd. (Delhi High Court)

The Delhi High Court in the case of Commissioner of Income Tax, Delhi versus M/S. MGF India Ltd wherein dismissed the revenues appeal and held that lease equalization charges can be deducted while computing book profit. ...

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Invocation of Explanation 7 to Section 271(1)(c) in blanket manner is contrary to purpose for which it was engrafted in statute

Pr CIT Vs. Verizon India Pvt. Ltd (Delhi High Court)

In the absence of any overt act, which disclosed conscious and material suppression, invocation of Explanation 7 to s. 271(1)(c) in a blanket manner could not only be injurious to the assessee but ultimately would be contrary to the purpose for which it was en grafted in the statute....

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Royalty for use of Dabur brand by Overseas Subsidiary is an international transaction and TP Adjustment can be applied

Dabur India Ltd. Vs. Pr. Commissioner of Income Tax- III (Delhi High Court)

A two-Judge Bench of the Delhi High Court in Dabur India Ltd. vs. Pr. Commissioner of Income Tax held that Transfer Pricing adjustment is applicable to overseas subsidiary despite of receiving any royalty. ...

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Share Application Money: Addition U/s. 68 not justified if AO not enquired on details submitted by Assessee

CIT Vs. M/S Russian Technology Center (P) Ltd. (Delhi High Court)

CIT (Central) Vs. M/S Russian Technology Center (P) Ltd. (Delhi High Court) The preceding enumeration of the circumstances of the case show that the assessee had furnished all relevant data before the AO and the CIT(A), which, however, were not inquired into by the AO. Instead he obdurately adhered to his first impression and/or initial [...

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Notice U/s. 148 invalid if AO not issued notice U/s. 143(2)

Pr. CIT Vs. Paramount Biotech Industries Ltd. (Delhi High Court)

Pr. CIT Vs. Paramount Biotech Industries Ltd. (Delhi High Court) The proposal to reopen an assessment under section 147 of the Act is to be based on reasons to be recorded by the assessing officer. Such reasons have to be communicated to the assessee. However, merely because the assessee participates in the proceedings pursuant to [&helli...

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