S.260A :Appeal -High Court – Substantial question of law- High court is directed to consider the substantial question of law at the time of final hearing of appeal in respect of questions which was not pressed at the time of admission of appeal. [ S. 10A, 260A (4) , 261 ]
S. 254(1) : Appellate Tribunal – Duties -Penalty -Concealment of income – An appellate authority has to decide all the issues , it cannot decide only one issue and decline to go other issues raised before him- Deletion of penalty is held to be valid . [ S. 271(1) (c ) , Indian Income -tax Act ,1922, S .28(i) ( c) ]
9.S.69C : Unexplained expenditure – Bogus purchases – Failure to produce lorry receipts and movement of goods – Mere reliance by the AO on information obtained from the Sales Tax department or the statements of two persons made before the Sales Tax Department would not be sufficient to treat the purchases as bogus – Burden is on revenue to prove that the transaction is not genuine- Deletion of addition is held to be justified . [S.133(6) ]
S. 143(3) : Assessment – Liability to tax – Set-aside – Attachment of property
Maharashtra Co -Operative Society Act ,1960
S.41 : Exemption from compulsory registration of Instruments relating to shares and debentures of Society – Gift of shares of Co-op Hsg. Society- Gift of immoveable property -Unregistered declaration of gift of Shares held by a Member of Co-operative Hsg. Society – Property thereunder cannot be said to be validly transferred even though accepted by donee.[ Indian Registration Act ,1908, S.17 , Transfer of property Act , 1882 , S. 53, 123 ]
Recovery of Debts Due to Banks and Financial Institutions Act, 1993,
S.3: Establishment of Appellate Tribunal- Infrastructural constraints faced by DRTs and DRATs, in terms of inadequacy of Tribunals, Members/Chairpersons, staff, physical infrastructure, etc. – Suggestions made by Solicitor General and amicus curiae for improving the administration of justice by these Tribunals. – High Court shall keep a watch on functioning of Tribunals: [ S.17, 18 , Constitution of India 1949 , Art , 226 , 227 ]
S. 115JB : Book profit – Waiver of loan -Loss or depreciation – Reduction of lower of loss or depreciation of the past years is allowable even where the same did not appear in the books of the current years on being absorbed against the credits not otherwise liable to tax in the past years- Matter remanded to CIT(A) for on a short point that the aspect of the adjustments had not been delved upon. . [ S.32 , 72 ]
S. 36(1)(vii) :Bad debt – Inter corporate deposits in respect of purchase of vehicles and plant and machinery –Mere wrote off is sufficient –It is not necessary for the assessee to establish or prove that the debt has in fact become irrecoverable but it would be sufficient if the bad debt is written off as irrecoverable in the accounts of the assessee. [ S.28 (i) ]
S. 28(iv) : Business income – Value of any benefit or perquisites – Converted in to money or not – Waiver of loan cannot be assessed as benefit or perquisites [ S.4 ]
S. 147 : Reassessment – After the expiry of four years- Year of chargeability – Reassessment is held to be bad in law – No failure to disclose material facts .[ S. 45(1) , 45(2),143(3) ,143(1) , 148, Art .226 ]