S. 147 : Reassessment –With in four years- Share capital – Share premium – Income from other sources – Produced evidence in support of increase of authorised share capital , share allotment and names and address of parties from whom share premium received – Change of opinion – Reassessment was quashed . [ S. 56 (2)(viib), 148 Art , 226 ]
Prohibition of Benami Property Transactions Act, 1988,
S.3: Prohibition of benami transactions — Change of law — Rule against retrospectivity —Amendments brought in 2016 introducing expanded definition of “Benami Property” to include proceeds from property held benami, element of Mens Rea and punitive forfeiture in Rem — Amendments brought in 2016 not merely procedural but substantive to have effect only prospectively — Prosecution or confiscation proceedings under amended provisions for transactions entered into prior to coming into force of 2016 amendment act not sustainable – Legislative powers — Validity of provision — Doctrine of manifest arbitrariness- The court left the question of the constitutionality of independent forfeiture proceedings contemplated under the 2016 Amendment Act on other grounds, open to be adjudicated in appropriate proceedings . [ S. 2, 3, 4, 5, 24, 27(3), 27(5), 53, 54, 54A, 67 Art , 14, 20(1) ]
. 143(3): Assessment – High-Pitched Assessment — Strictures – Instructions of CBDT to be followed -Tax payers are one of the important pillars of the Country – Their harassment not only causes a jolt to the economy of the country and employment but also comes in the way of economic policy of the Government including the policy “ Ease of Doing business “ – The instruction dated April 23, 2022 issued by the Central Board of Direct Taxes , needs to be implemented. Truly and effectively – Writ of mandamus issued to the CBDT with detailed directions .[ S. 119 , Art , 226 ]
S.56:Income from other sources – Transfer – The assessee had acquired right in the ownership of the flat at the time of issuance of allotment letter- Date of allotment letter is to be considered as date of purchase – Addition made on the basis of stamp valuation on the date of registration was deleted .[ S. 2(47), 56(2)(vii)(b) ] S.56:Income from other sources – Transfer – The assessee had acquired right in the ownership of the flat at the time of issuance of allotment letter- Date of allotment letter is to be considered as date of purchase – Addition made on the basis of stamp valuation on the date of registration was deleted .[ S. 2(47), 56(2)(vii)(b) ]
Central Goods and Service Tax Act, 2007
S. 169: Service of notice in certain circumstances – Show cause notice and consequential orders – Required to be signed by concerned officer and same had to be affixed with digital signature if they were up loaded on GST portal .[ Art , 226 ]
S. 74 : Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed , or utilised by reason of fraud or any wilful – misstatement or suppression of facts – Adjudication – Natural justice – Adjudication – Show cause notice – Recovery – Strictures against department – Commissioner of Sate Tax directed to issue appropriate guidelines /circular / notification elaborating the procedure for issuance of show cause notice , adjudicating and recovery proceedings . [ S. 73(5), 74(1), 74(5) , Art , 226 ]
S. 69 :Unexplained investments -Peak credit – Amount disclosed and offered in one assessment year – Revenue bifurcating in to two assessment year – Rate of tax in same in both assessment year – Appeal of Revenue dismissed as there is no loss to Revenue . [ S. 132(4)]
S .14A : Disallowance of expenditure – Exempt income – Dividend income from overseas company in Oman – No tax is payable on said dividend in India- Provision of section 14A is not attracted – DTAA -India – Oman .[ S. 2(45), 5,90(2)) R.8D , Art , 25 ]
S. 276B : Offences and prosecutions – Failure to pay to the credit tax deducted at source -Compounding application – Failure to dispose the compounding application by the Principal Commissioner – Directed the Principal Commissioner to dispose the pending compounding application with in the period of three months from to day and not later than 27 th February 2023 . [ S. 204 ,278B ,279(2)), Art , 226 ]
S. 68: Cash credits – Foreign bank deposits – HSBC account – Non -Resident – Merely on the basis of ‘base note’ addition cannot be made in the hands of non -Resident – Deletion of addition is affirmed . [ S. 5(2), 6 , 147, 148]