S. 56 : Income from other sources – Bonus shares – Fair market value of the bonus shares computed as per Rule 11U and IIUA of the Income -tax Rules cannot be assessed as income from other sources [ S.56(2)(vii)(c )]
S. 56 : Income from other sources – Bonus shares – Fair market value of the bonus shares computed as per Rule 11U and IIUA of the Income -tax Rules cannot be assessed as income from other sources [ S.56(2)(vii)(c )]
S. 55A : Capital gains – Reference to valuation officer – Finance Act, 2012 , w.e.f 1-7 2012 –Value as on 1 -4-1981 – Less than fair market value – Operates prospectively [ S.45 ]
S. 50C : Capital gains – Full value of consideration – Stamp valuation – Insertion of the proviso and subsequent enhancement in its limits to 10% – Curative in nature – Relates back to the date when the statutory provision of section 50C was enacted . i. e . 1 st April , 2003 [ S.43CA, 45, 56 ]
S. 11 : Property held for charitable purposes – Funds in equity of a non profit company to carry on its objectives more effectively on account of Central Government policy – Denial exemption is not justified . [ S. 11(5) , 12 , 12AA, 13(1)(d), Companies Act , 1956 , S. 25 ]
S. 10A : Free trade zone – Unabsorbed losses – Assessing Officer cannot reject the claim allowable under law even if it was not claimed in the return [ S. 32 (2), 72, 139(1),154 ]
Indian Succession Act , 1925
S. 32 : Devolution of such property – Partition-Family and Personal Laws – Relinquishment of right – Accepting money and ornaments in lieu of share in family property – Not entitle to claim share in family property thereafter [ S. 33 ]
S. 276C : Offences and prosecutions-Willful attempt to evade tax- Delay in payment of tax-Admission of liability in return and subsequent payment of tax-Criminal proceedings quashed. [S. 276(2)]
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Appellate Tribunal-Power-Revision on ground pf lack of enquiry by Assessing Officer-When the Tribunal agreeing with Commissioner, the Tribunal has no power to set aside the order, when it’s is not subject matter of appeal. [S. 11, 12AA, 3(8), 80IB(10), 254(1)]
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Purchase of three units-Possible view -Revision is held to be not valid [S. 54, 54F]
S. 263 : Commissioner-Revision of orders prejudicial to revenue- Export of computer software-Development of software at client’s site outside India-Assessing Officer taking one of two plausible views-Revision is held to be not valid. [S. 10A]