| Case ID |
dc985b83-06fc-460f-bac6-df3cfcb05918 |
| Body |
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| Case Number |
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| Decision Date |
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| Hearing Date |
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| Decision |
In this case, the Delhi High Court evaluated whether the Income-tax Appellate Tribunal had sufficient material to conclude that a settlement deed, under which the assessee had paid a significant sum to certain lenders, was a genuine transaction. The court affirmed that this was indeed a question of law arising from the Tribunal's order. Furthermore, the court also addressed the issue of whether the Tribunal was justified in allowing the deduction of the entire amount paid by the assessee to these lenders. The court directed the Tribunal to provide a consolidated statement of the case and to refer the aforementioned questions for further opinion. |
| Summary |
This case highlights critical aspects of the Income-tax Act, 1961, particularly focusing on the appellate procedures and the evaluation of business expenditures. The Delhi High Court's ruling emphasizes the importance of establishing the genuineness of transactions to ensure compliance with tax regulations. The court's decision underscores the necessity for the Tribunal to substantiate its findings with adequate evidence, thereby promoting transparency in financial dealings. This case serves as a pivotal reference for future cases involving similar issues of tax law and business expenditures, making it a significant point of study for legal practitioners and scholars alike. |
| Court |
Delhi High Court
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| Entities Involved |
Commissioner of Income Tax
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| Judges |
N.N. GOSWAMY,
P.K. BAHRI
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| Lawyers |
Wazir Singh,
R.C. Pandey,
B.B. Ahuja
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| Petitioners |
Not available
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| Respondents |
Acme Properties (P.) Ltd.
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| Citations |
1988 SLD 1903,
(1988) 174 ITR 143
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| Other Citations |
Not available
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| Laws Involved |
Income-tax Act, 1961
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| Sections |
254,
256,
37(1)
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