S.32 : Depreciation – Prior to 1.4.1999 – Intangible assets – Acquisition of trademarks, copyright and know-how of erstwhile firm – Held, intellectual property rights such as trademarks, copyrights and know-how constitute “plant” for purposes of depreciation – The department is not entitled to rewrite the terms of a commercial agreement. [S. 35A, 35AB, 43(3)]
S. 10(37): Capital gains – Agricultural land – Deduction at source – Acquisition of immoveable property – Payment of compensation on agreed terms in respect of the land acquired is entitled for exemption. [S.148 ,194LA, Land Acquisition Act, 1894, S.6]
S. 4: Charge of income tax – Hindu undivided family – Inheritance – Hindu undivided family ceases to exist without male presence – Inherited property taxable in individual hands.
S.4: Charge of income-tax – Diversion of income by overriding title or application of Income. [ Indian Income-tax Act, 1922, S.3 ]
S. 281B: Provisional attachment- Recovery-Stock Exchange Card—Stock Exchange Rules clearly indicate that on right of nomination vesting in the Stock Exchange under the rules, that right belongs to Exchange absolutely— The membership right is not the property of assessee – Cannot be attached . [ S.226(3) , The Stock Exchange, Ahmedabad ]
S. 276C : Offences and prosecutions – Wilful attempt to evade tax – When Concealment penalty is deleted on merits – Automatic cancellation of prosecution.[ S. 271(1) (c ) , 278B Indian Penal Code 1860 , 34, 120B ,193, 196, 420 , Criminal Procedure Code , 1973, 397 , 401 ]
S.276: Offences and prosecutions—Pendency of appeal before Tribunal – Stay of prosecution proceedings under the Income Tax Act 1961 during the pendency of assessment proceedings before authorities was held to be justified. [S. S.277, 278B; Constitution of India, Art. 226, Code of Criminal Procedure , 1973S .482 ].
S.275: Penalty – Concealment – Limitation – Appeal – Supreme Court – Questions of law raised first time – Matter set aside to Tribunal [ [S. 254(1) ,261, 271(1)(a), 271(1)(c), 271D]
S.271(1)(c): Penalty -Concealment of particulars of income – inaccurate particulars of income- Making of claim which is not sustainable in law – Claim made in the return cannot be held to be furnishing inaccurate particulars [S. 14A, 143 ].
S.269UD: Purchase of property by Central Government – Order by appropriate authority for purchase by Central Government of Immoveable property – Chapter XX-C- Constitutional validity of the said chapter – Principles of natural justice to be followed though not specifically provided – Adverse order to be supported with reasons – Interpretation of statues – Rule of reading down the provision .[ S. 269UA , 269UC, 269UE ]