S. 9(1)(vii) : Income deemed to accrue or arise in India-Fees for technical services-Intermediary services-No technology made available-Not fees for technical services-Not taxable in India-Sale of equipment and payments carried outside India-Income attributable to Permanent Establishment is not taxable-DTAA-India-Sweden. [S. 9(1)(i), Art. 12]
S. 4 : Charge of income-tax-Foreign currency-Convertible bonds-Buy back of foreign currency bonds at discounted price-Foreign currency convertible bond proceeds were utilized for setting up a new manufacturing facility or expansion of manufacturing facility-Discount is capital receipt. [S. 28(i)]
S. 2(22)(e) : Deemed dividend-Not shareholder of company which had advanced loan to assessee-Loan cannot be treated as deemed dividend.
S. 40 (a)(iib) :Amounts not deductible- Fee- Tax – Gallonge fee , licence fee and shop rental (KIST ) with respect to EL-9 and E.L -I licence granted will fall with in the purview of section and hence disallowable -Surcharge on Sales tax and turnover tax is not fee or charge hence not disallowable – Interpretation of taxing statutes – Same statute using different terms and expressions – Must be taken to refer to distinct and different things . [ S. 37(1)), Kerala Abkari Act, 1077 (M.E.) S. 18 , Kerala Foreign Liquor Rules , 1953 , R. 15A ]
Wealth tax Act, 1957.
S. 2(ea): Asset – Land under acquisition by Government – Not includible .
Wealth tax Act, 1957.
S. 2(e)(a): Assets – Stock in trade -Entries in books of account not relevant to decide nature of asset –Lands held as stock in trade – Not liable to be assessed as assets liable to be wealth -tax Act . [ S. 17 ]
S. 271D : Penalty-Takes or accepts any loan or deposit-Whatsapp messages-Employee and promoter of group-Receipt of cash not proved-Penalty cannot be levied. [S. 269SS]
S. 271(1)(c) : Penalty for furnishing inaccurate particulars of income-Assessee intimated Assessing Officer well in advance of inadvertence of including receipt-Assessing Officer did not specify in notice whether notice is issued for concealing income or furnishing inaccurate particulars. [S. 143(2)]
S. 271(1)(c) : Penalty-Concealment-Disclosing full facts-Levy of penalty is held to be not justified. [S. 54F]
S. 263 : Revision of orders prejudicial to Revenue-Twin conditions to be satisfied-Assessment order cannot be said to be erroneous in law-Revision was quashed. [S. 54F]