Delhi High Court

Gift cannot be said ingenuine if identity and relationship with donor established

CIT Vs Ranesh Suri (Delhi High Court)

While Section 68 certainly enables the AO to bring to tax amounts which are suspect, in a transaction of the present kind, where the identity and the relationship of the donor are known, the AO in our opinion ought not to have concluded that the transaction – by which the assessee received the amount of Rs. 1,84,860/- was ingenuine. ...

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Delay in issuing notice u/s 158BD by 10 months cannot be considered contemporaneous

CIT Vs Bharat Bhushan Jain (Delhi High Court)

Revenue has to be vigilant in issuing notice to the third party under Section 158 BD, immediately after the completion of assessment of the searched person, this Court is of the opinion that a delay ranging between 10 months of 1 ½ years cannot be considered contemporaneous to assessment proceedings....

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Valid “Satisfaction Note” as required u/s 158BD requires proper recording of evidences for being satisfied

CIT Vs Manoj Bansal, CIT Vs Radhey Sham Bansal, CIT Vs Suresh Kumar Gupta (Delhi High Court)

The assessee contended that the note was antedated and is accordingly not valid. He tried to substantiate his argument by demonstrating the following: If the satisfaction note was recorded on 29th Aug., 2002 ...

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Undisclosed income beyond block period cannot be taxed

CIT Vs Vivek Aggarwal (Delhi High Court)

CIT (A) appeal as well as ITAT examined the document relied upon the revenue for making addition. It was found that the document was not addressed to anyone and without any signature and date. In such situation it can be said that it belong to assessee. ...

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For application of section 2(22)(e) a person should be both registered as well as beneficial shareholder

CIT (TDS) Vs CJ International Hotels Pvt. Ltd. (Delhi High Court)

In the language of Section 2 (22) (e) the term beneficial owner of shares includes both registered as well as beneficial share holder. So provisions of this section could be applied where assessee can be treated as both mentioned above....

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Section 54- Even provisional letter of flat allotment is capital asset

Commissioner of Income Tax Vs Ram Gopal (Delhi High Court)

The facts in that case were that the assessee had booked a flat, and was recipient of a provisional allotment letter. The Court held importantly that even booking rights or rights to purchase the apartment or to obtain its letter was also capital asset...

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Once identity & creditworthiness of parties and genuineness of transaction proved, section 68 cannot be invoked

CIT Vs Shokeen Properties Pvt. Ltd. (Delhi High Court)

There are various case laws which conclude the facts that once the assesse discharged its primary onus by placing material and document on record before AO then it is assumed that the unexplained amount reflected in books of assessee stands explained. ...

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Notice u/s 143 (2) received after limitation period could not be held against assessee

Mohan Lakhani Vs ITO (Delhi High Court)

Whether in absence of proper service of notice u/s 143 (2) assessment proceedings for relevant Assessment year can be validated....

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Provisions of Section 245D (2C) can be invoked only if the assessee does not deposit income tax payable on income disclosed

CIT Vs Vishan Das (Delhi High Court)

Whether assessee has defaulted in payment in payment of additional amount of income-tax payable on the income disclosed in the original application and provision of section 245D (2C) can be invoked in such circumstances....

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Loss on account of intraday trading in shares settled through clearing difference bills is not speculative in nature

CIT Vs Lalit Kumar Poddar (Delhi High Court)

Clearing difference has been determined on the basis of statement of purchase and sales of shares of security made on assessee’s behalf by the broker. CIT(A) decided this issue after examining the ledger accounts maintained by the assessee and contract notes issued by the broker. ...

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