S.10(23C: Educational Institution —Trust deed disclosing profit motive — Not entitled to exemption [ S.10(23C)(vi)
S.10(23C: Educational Institution —Trust deed disclosing profit motive — Not entitled to exemption [ S.10(23C)(vi)
S. 9(1)(i): Income deemed to accrue or arise in India – Business connection -Non-Resident —Permanent Establishment — Telecasting Sports Events – Principal to principal basis – Income earned not assessable in India — DTAA -India – Mauritius [ Art .5 ]
S. 2(22)(e):Dividend – Deemed dividend-Money lending formed substantial part of business – Loan not assessable as deemed dividend .
S.2(14)(iii): Capital asset-Agricultural land-Land in Village within Municipality — Village having population less than specified ten thousand — Land was agricultural — Profits from sale of land is exempt [ S .2(14)(iii) (a), 10(1),45 ]
Black Money (Undisclosed Foreign Income And Assets) And Imposition Of Tax Act, 2015,
S.53 : Punishment for abetment – Tax evasion —Bogus bills – Statement on oath — Petitioner appearing before authorities and co-operating in investigation and making admissions — Directions to authorities to recall look out circular ,in name of petitioner [Income -tax Act , 1961 , S 131(IA ) 133A ,Art , 226 ]
Black Money (Undisclosed Foreign Income And Assets) And Imposition Of Tax Act, 2015
S.42 : Penalty for failure to furnish return relation to foreign income and asset -Black Money — Failure to file return -Alternative remedy – Court under writ jurisdiction cannot exercise the role of an appellate authority defined under the Black Money Act to deal with the controversy if brought into motion. [ S.3 , 10 ,11 , Income -tax Act , 1961 ,139(5) , Art , 226 ]
Black Money (Undisclosed Foreign Income and Assets) and Imposition of tax Act, 2015
S.10(1): Assessment – Penalty – Taking an overall view of the matter, the respondents could proceed pursuant to the notices dated December 20, 2017. However, no coercive measures could be taken against the assessees if the occasion so arose. [ S. 4(3), 59, Income -tax Act , 1961 S.131 ,148 ]
S. 271(1)(c) : Penalty – Concealment- — Furnishing inaccurate particulars of income — Sufficient interest-free funds available with Assessee — Interest expenses not disallowable – Mere wrong claim does not tantamount to furnishing of inaccurate particulars of income or concealment of income — Penalty not leviable in such cases.
S.234E : Fee – Default in furnishing the statements – Provision prospective — No demand could be made for AYs prior to 1-6-2015.[ S.200A(1) ( c ) ]
S. 206AA : Requirement to furnish Permanent Account Number (PAN) – Provision for deduction at higher rate where recipient fails to provide PAN — Provision cannot override beneficial provisions of DTAAs — Assessee not liable to deduct tax at higher rates in spite of failure by non-resident to furnish PAN [ S.90(2)]