S. 69 : Unexplained investments-Under invoicing-Report of Enquiry commission-Purchased ‘royalty paid’ iron ore from open market and exported same at arm’s length price, no addition could be made on ground of under-invoicing of export on basis of some report of Enquiry Commission.
S. 68 : Cash credits-Burden of proof-Relevant evidence produced first time before High Court-Matter remanded the Assessing Officer to consider the evidence and pass appropriate order [S.260A]
S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Waiver of loan does not amount to cessation of trading liability neither taxable under section 41 (1) nor under section 28(iv) of the Act. [S. 28(iv)]
S. 28(i) : Business income-Real estate development-Letting out mall-Assessable as business income and not income from house property. [S. 22, 23]
S. 11 : Property held for charitable purposes-Return was not filed with in the period specified in the notice-Assessment completed denying the exemption and demand was raised-Application for condonation of delay in filing the return was pending before CBDT-Directed to decide the application for condonation of delay and the demand was stayed till the disposal of application. [S. 12AA, 119, 139, 142(1), Form No. 10B, Art. 226]
S. 115O : Domestic companies – Tax on distributed profits – Buy back of shares – Approval of Scheme – Capital gains or dividend income – Direction to file an appeal before CIT (A) and also finding on merits – Decision on merit is held to be not valid – Direction to file an appeal is held to be justified. [ S. 2 (22)(d), 10 (34A), 46A, 115QA, 246A Art , 226 ]
S.148: Reassessment —Notice in name of dead person — Held to be not valid — Not a defect curable under S. 292B of the Act – Intimation by legal Representative that noticee was dead is not a participation in reassessment proceedings [ S.147 , 292B Art .226 ]
Wealth tax- Act , 1957
S.7: Value of assets – Land – Valuation date – Land sold subsequently for which agreement was entered in to before valuation date – Justified in taking the value on the basis of sale value [ S. 2(q), 27A, Urban Land (Ceiling and Regulation ) Act 1976 ]
S. 133 : Power to call for information – Authorities – ITO (Intelligence ) is an authority to issue notice under section 133(6) to the assessee Co -Operative banks prior to CBDT Notification No 77 of 2014 dt 10 -12 -2014 [ S. 90, 90A, 120, 124, 133(6), 272A(2)(c)]
S. 40(a)(ia): Amounts not deductible – Deduction at source – Belated filing of form No .26Q- Matter remanded to Assessing Officer – No substantial question of law [ S.194C(7) ]