Delhi High Court

No Notice could be Served to Transferor Company after Amalgamation

CIT Vs Micra India Pvt Ltd (Delhi High Court)

In the present case, the Hon’ble High Court held that notice could not be served to transferor company after the Amalgamation have been done. As, it will be contrary to law to serve the notice to a non-existing company....

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Licence fee and Interest on it after 31st July 1999 would be treated as Revenue Expenditure

CIT Vs Microwave Communications Ltd. (Delhi High Court)

The Hon’ble High Court, in the present case held that the licence fee payable after 31st July 1999 should be treated as revenue expenditure. Similarly, if the interest was payable on license fee for the period post 31st July, 1999, it should be treated as revenue in nature. ...

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Procedural Lapse could not create Hindrance in Deliverance of Justice

CIT Vs M/s Relcom (Delhi High Court)

The Hon’ble High Court held that Rule 37BA will not apply in this case as there is only minor procedural lapse and procedure is the handmaid of justice, and it cannot be used to hamper the cause of justice....

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Assembling of Cassettes from Finished Components is Manufacture

CIT Vs M/s. Tony Electronics Ltd. (Delhi High Court)

The Hon’ble High Court in the present case held that when the assessee claimed and was granted modvat credit under Rule 57H of the Central Excise Rules at the relevant time itself indicates that for purposes of excise, the assembling of cassettes amounted to manufacture....

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Deduction u/s 80-IB(10) Would be Allowed to Developer working on behalf of Government

CIT Vs M/s. VRM India Ltd. (Delhi High Court)

The Hon’ble High court in the present case held that the assessee developed an infrastructure facility/project and was not required to maintain or operate, it was entitled to cost, plus the margin of income or profit. Assesee would be entitled to deduction under section 80-IB (10)....

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Conclusion Should be on Clear Findings, Not on just Presumptions

R.L.Traders Vs ITO (Delhi High Court)

The Hon’ble High Court in this case held that when there is an assumption that the assessee did not maintain quantitative details of ingredients such as mixing gum, starch and oil, the conclusion could not be affirmed. As, decisions can’t be on the basis of Assumptions or Presumptions....

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Loan/Debt from a company to a firm thereby to the assesse, who has substantial interest in company and firm is not deemed dividend u/s 2(22)(e)

CIT Vs Subrata Roy (Delhi High Court)

The assessee submitted that he was managing director of SISICOL, which had many deposit schemes and 290 units or branches to aid its operations. He was also a partner of the firm, which entered into an understanding with SISICOL...

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Notice u/s 148 for reassessment cannot be issued based on mere suspicion

Krown Agro Foods Pvt. Ltd Vs ACIT (Delhi High Court)

It would be the proximity of the reasons with the belief of escapement of income, which would be the determinative factor for reopening of the assessment. The remoteness of the reasons would obviate the possibility of a belief and would bring the case in the realm of mere suspicion...

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Prior year interest cannot be disallowed if the change in the interest rate was retrospective

CIT Vs Indian Railway Finance Corporation Ltd. (Delhi High Court)

There is no dispute about the allowability of expenses. Only dispute is regarding the year of allowability. If the Assessing officer is of the view that the expenses are pertaining to the prior, the same are required to be considered for the prior and allowed in that year....

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Forfeited application money can be claimed as business loss for investment business

CIT Vs Abhinandan Investment Ltd. (Delhi High Court)

The court considered the reasoning of the Revenue and held, firstly as the arrangement was in place with the UTI (which had to purchase the NCDs at Rs. 389/- per NCD), the assessee gave effect to it (the arrangement). UTI paid Rs. 389/- per debenture to JISCO ...

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