S. 194C : Deduction at source – Contractors – Passenger service fees – Airlines collecting security component and facilitation component from its customers and paid same to airport authority- liable to deduct tax at source as per provision of S.194C. [ S. 194J ,196, 201(IA ) ]
S. 154 : Rectification of mistake – Speculation business- Brought forward loss of earlier years were rightly set off against speculative business income for the year- No mistake apparent from record in assessment order. [ S.73 ]
S. 153A : Assessment – Search- No incriminating evidence was found or seized during course of search- Additions/disallowances on basis of a tax evasion petition found much after search was unjustified [ S.132 ]
S. 143(3) : Assessment – Profit on sale of property used for residence – Capital gains -Exemption was not claimed in the return however claimed under wrong section in the course of assessment -Merely because assessee claimed deduction under wrong provision of S. 54F assesses claim could not be disallowed if it was allowable under an appropriate provision-Entitle to exemption/s 54 of the Act . [ S.54 , 54F ]
S. 143(2) : Assessment – Notice – Notice issued after date of transfer was regarded as invalid notice – Assessment framed pursuant to illegal notice is held to be void ab initio .[ S.124, 127, 143(3) ]
S. 143(2) : Assessment – Notice – Notice issued after date of transfer was regarded as invalid notice – Assessment framed pursuant to illegal notice is held to be void ab initio .[ S.124, 127, 143(3) ]
S. 115JB : Book profit – Carrying forward of unabsorbed business losses for more than 8 years does not apply while computing adjusted book profits [ S.72 ]
S. 80G : Donation – Approval – Registration Immediate non -start of activity cannot be reason for denial of approval u/s 80G(5 ) of the Act -Matter remanded . [ S. 2(15) , 12AA, 80G(5)
S. 69B : Amounts of investments not fully disclosed in books of account –Family settlement – Contribution to family settlement by taking loan from bank – Addition is held to be not valid .
S. 69 :Unexplained investments – Immoveable property – Failure to produce evidence in respect of booking of flat – Addition is held to be justified . [ S.251 ]