S. 10AA : Special economic zones-Reconstruction-sole proprietorship was not been shifted to firm -Only Capital received from sole proprietorship-Not a reconstruction – Entitle to exemption. [S.10AA)4)(iii)]
S. 10AA : Special economic zones-Reconstruction-sole proprietorship was not been shifted to firm -Only Capital received from sole proprietorship-Not a reconstruction – Entitle to exemption. [S.10AA)4)(iii)]
S. 275 : Penalty-Bar of limitation–Initiation of penalty starts from issue of show cause notice and not from date of order u/s 201(1)- Penalty order was within time and not barred by limitation. [S. 201(1), 201(IA), 271C]
S. 271D : Penalty-Accepts any loan or deposit–Sum initially advanced as loan by father to son, but later treated as gift transaction cannot be subject to S. 269SS-levy of penalty is not justified .[S. 269S]
S. 271C : Penalty-Failure to deduct at source-It is necessary to establish that there was contumacious conduct on the part of the assessee- Penalty levied was deleted. [S. 273B]
S. 147 : Reassessment–After the expiry of four years–The assessment framed by AO who had not issued notice u/s. 148 of the Act is void-ab-initio –Notice was issued by the AO who had no jurisdiction- Reassessment is held to be bad in law . [S. 2(7A), 148]
S. 147 : Reassessment-After the expiry of four years- Re-opening Reopening merely on the basis of information received from investigation wing without application of mind is not valid. [S. 148]
S. 143(3) : Assessment–Order giving effect to revision order– Assessing Officer is bound to follow the directions provided in the order u/s. 263 by the CIT. [S. 263]
S. 133A : Power of survey – Statement recorded u/s. 133A of the Act does not hold any evidentiary value without any corroborative evidence-Deletion of addition is held to be justified.
S. 68 : Cash credits – Gain from off market trading in commodities – Statement of the broker that his company had not made any off market transactions with other clients–AO based on the statement assumed that transactions were not genuine–All details filed and even broker confirmed transactions–AO further denied set off against loss from F & O market–Addition deleted. [S. 115BBE]
S. 56 : Income from other sources-AO can scrutinize the valuation report and determine a fresh valuation either by himself or by calling from independent valuer to conform the assessee but the basis has to be DCF method.