S. 143(2) : Assessment – Notice – Barred by limitation -Defective return – On removal of defect the return would relate back to the date of filing of the original return- Period of limitation has to be computed from the filing of original return – Order is bad in law [S.139 , Art . 226 ]
S. 92C : Transfer pricing – Arm’s length price – Comparables- Different financial years – Rejection of comparable- Question of fact – Exempted income – Disallowance of expenses – Question of fact [ S.260A ]
S. 92C : Transfer pricing – Arm’s length price – Providing market services to Associated enterprises – Deletion of addition is held to be justified – No question of law [ S.260A ]
S. 45: Capital gains – Year of taxability – Capital gains rightly taxed in which sale deeds were executed in respect of transfer of undivided share of land in favour of nominees of the Developer- Directed the Assessing Officer to give effect to the orders passed by the Tribunal by modifying the orders for the assessment years 1999-2000 upto 2003-04. [ S. 2(47)(v), 147 ]
S. 32 : Depreciation – Cranes used in hiring business- Nomenclature in Motor Vehicle Act can not be test for allowability of depreciation – Entitle depreciation at 30% .
S. 2(35) : Principal officer – Burden is revenue to demonstrate that the assessee is key management personal – Notice served is held to be bad in law [ S. 2(35)(b) ]
Wealth -tax Act , 1957
S. 17 : Reassessment – Limitation – Matter remanded to wealth tax officer for verification [ S .18 (1)(c ) ]
S. 264 :Commissioner – Revision of other orders – Delay in flling the writ petition against revision order – No explanation was furnished – Writ petition was dismssed [ S. 154 , 271(1) (c ), Art , 226 ]
S. 260A : Appeal – High Court – Review –Low tax effect -Audit objection – Appeal decided as per CBDT Circular dt 8 -8 -2019- No error apparent on the face of the record Review petition was dismissed .[ S.268A]
S. 254(1) : Appellate Tribunal – Duties- Additional income offered -Confirming the levy of concealment penalty without giving an opportunity is held to be bad in law – Matter remanded to the Appellate Tribunal . [ S.271(1)(c)]