DCIT v. Finlay Corporation Ltd.

86 ITD 626Income Tax Appellate Tribunal2003#5313 most cited

What is DCIT v. Finlay Corporation Ltd. authority for?

Income not taxable in the hands of a non-resident under Section 5(2) cannot be taxed under Sections 68 or 69 of the Income Tax Act, as these sections cannot enlarge the scope of Section 5(2).

22

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2018 to 2025.

Also referred to as

DCIT v. Finlay Corporation Ltd · 86 ITD 626 · Section 5(2) · Section 68 · Section 69 · non-resident income · taxability · scope of section 5(2) · income received in India · income accrued outside India

Sections most often in play

Section 147Section 148Section 5(2)Section 142(1)Section 144C(13)Section 68Section 69Section 115BBE

Issues it is cited on

undisclosed foreign income and assetssection 149(1)(c)section 5(2)(b)section 5(2)section 39substantive assessmentnon application of mindbusiness connectionsection 149(1)kelvinatorshare capital and share premiumsource of source

Judgments citing DCIT v. Finlay Corporation Ltd.

Syntensia Network Security India P.Ltd, Mumbai vs. ITO 11(2)(4), Mumbai

In the result, appeal of the assessee is allowed

ITA 2927/MUM/2017[2012-13]Status: DisposedITAT Mumbai27 Jul 2018AY 2012-13

Bench: Shri R.C.Sharma, Am & Shri Ram Lal Negi, Jm M/S. Syntensia Network Security Vs. Ito 11(2)(4) India Pvt. Ltd., Churchgate, 506, Laxmi Mall Laxmi Industrial Mumbai - 400020 Estate New Link Road, Andheri (W) Mumbai - 400053 Pan/Gir No.Aalcs1143G Appellant) Respondent) ..

Section 143(3)Section 68

…e identity is not in question, through their bank accounts outside India have to be held as. capital receipts not eligible to tax, and cannot be treated as deemed income under section 68 or section 69 - Held, yes [Para 11.7] [In favour of assessee]. 2. (2003) 86 ITD 626 (DELHI) DCIT vs. Finlay Corporation Ltd. Section 5 of the Income-tax Act, 1961 of the Income-tax Act, 1961 - Income -Accrual of - Assessment year 1996-97 - Whether under section 5(2), if any income is already received outside India, same cannot be taxed in India merely on ground that it is brought in India by way of remittances - Held, yes - Wheth…

DCIT (It) 4(2)(1), Mumbai vs. Dipendu Bapalal Shah, Mumbai

In the result, both the appeals of the Revenue are dismissed

ITA 4751/MUM/2016[2006-07]Status: DisposedITAT Mumbai19 Jun 2018AY 2006-07

Bench: Shri R.C.Sharma, Am & Shri Ram Lal Negi, Jm

Section 114Section 143(3)Section 147Section 148Section 6

…nt is dismissed. 17. In fact, in the fiscal statute the burden of proof is heavily upon the income-tax department seeking to recover the revenue or tax. This was discussed elaborately by the co- ordinate bench in the case of DCIT vs. Finlay Corporation Ltd., [86 ITD 626], Delhi, wherein it was observed that "it is the settled legal position that burden is on the revenue to prove that income of an assessee falls within the net of taxation.Once it is so proved, then the burden is on the assessee to prove that such income is exempt from taxation. Section 5(2) being charging section, the burden is on the revenue to p…