Delhi High Court

Sec 10(15)(iv)(c) benefit cannot be denied for lesser loan availment

M/s Tej Quebcor rinting ltd. Vs JCIT (Delhi High Court)

A plain reading of Section 10(15)(iv)(c) clearly bears the fact that its approval of the Central Government which is necessary – not with respect to the transaction per se but with regard to the rate of interest....

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Addition not warranted for low profit due to application of revised AS 7

Principal CIT (Central) Vs M/s A2Z Maintenanc & Engineering Services Ltd, (Delhi High Court)

his Court in Paras Buildtech India Pvt. Ltd. v. Commissioner of Income Tax (2016) 382 ITR 630 (Del) had noted that this method is a known and recognised method of accounting, and was approved as a proper one. The Court had also relied on CIT v. Bilahari Investment Pvt. Ltd. (2008) 299 ITR 1 (SC)....

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Non release of assessee’s seized jewellery / stridhan despite unsustained addition is deliberate harassment

Sushila Devi Vs CIT (Delhi High Court)

The writ petitioner in these proceedings under Article 226 of the Constitution is aggrieved by the refusal - by the respondents i.e. the income tax authorities -to release the jewellery - approximately 319. 98 g, seized by them in the course of search proceedings under Section 132 of the Income Tax Act, 1961 (hereafter the Act)....

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Allowability of Interest / Service Charges on Funds raised to Subscribe Debentures for acquiring controlling interest

Commissioner of Income Tax vi Vs m/s Virat Investment & Mercantile co. (Delhi High Court)

In this case, the expenditure clearly is not towards acquisition of the capital nor is it an integral part of it, it is only the service alone. It is of a similar kind that would otherwise have been permitted under Section 37 of the Income Tax Act. ...

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Amount adjusted as duty from Security deposit is allowable expense

Pr. Commissioner of Income Tax Vs Praveen Saxena (Delhi High Court)

High Court held that that the disallowance of Rs. 70 lakhs paid by the assessee respondent as a condition pursuant to the order of this Court dated 01.02.2007 was liable as an expense as same was appropriated by the Customs authorities and it was covered by Section 43B of the Income Tax Act, 1961....

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TDS not applicable on Reimbursement to Sister Concern

Pr Commissioner of Income Tax Vs Shri Dinesh Kumar Mathur (Delhi High Court)

Delhi HC remanded the matter to AO to verify that claim towards the payment of Rs.3,19,66,460/- does not include any income component and if it constitutes reimbursement, the question of application of Section 40(a)(ia) would not arise....

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IT Proceeding against Company cease to be in existence is Illegal

BDR Builders and Developers Pvt. Ltd. Vs Assistant Commissioner of Income Tax & ANR. (Delhi High Court)

Notice issued under section 147 of the Act in respect of an entity which ceases to exist by virtue of amalgamation order under section 394 of Companies Act, would be illegal and unsustainable....

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No Bogus capital gains if assessee furnishes documentary proof & proves identity of purchasers

Pr. CIT Vs Jatin Investment Pvt. Ltd (Delhi High Court)

Appellant has adduced documentary evidences in support of transaction in question. Identity of purchasers of shares was established as it was borne on record of Income Tax Department. ...

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Mere word approved not amount to record of satisfaction after application of mind

Pr. Commissioner of Income Tax Vs M/S N.C cables LTD. (Delhi High Court)

(a) Did the Tribunal fall into error in holding that the Commissioner of Income Tax (CIT) did not in fact record satisfaction under Section 151 of the Income Tax Act, 1961 for issuing notice under Section 147, in the circumstances of the case?...

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Depreciation on Assets held under lease in the nature of Purchase

CIT Vs M/s Bhushan Steels & Strips Ltd. (Delhi High Court)

Whether the assessee is entitled to depreciation under Section 32 of the Income Tax Act even when the assessee was not the owner of the property in question and was in possession thereof as a lessee during the year under consideration?...

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