S. 11 : Property held for charitable purposes-Educational institution-Income received from sale of property – Application for application of income was not made – Denial of exemption is held to be justified. [S. 11(2)]
S. 11 : Property held for charitable purposes-Educational institution-Income received from sale of property – Application for application of income was not made – Denial of exemption is held to be justified. [S. 11(2)]
S. 4 : Charge of income-tax–Diversion of income by overriding title-Obligation to spend on AMP arose after receipt of income–No obligation to spent definite amount–Application of income-Chargeable to tax. [S. 28(i)]
S. 4 : Charge of income-tax–Capital or revenue-Compensation for termination of lease-Loss of source of income–Capital receipt not to chargeable to tax. [S. 45]
S. 2(22)(e) : Deemed dividend-Trade advance-Commercial transaction-Not assessable as deemed dividend.
S. 183 : Declaration of income-Benamidar–Misrepresentation–No provision for granting an opportunity of hearing–Cancellation of declaration is held to be valid. [S. 193, PBPT Act. 1988, S. 24(4)]
S. 225 : Collection and recovery-Stay of proceedings–Pendency of a appellate and revision proceedings–Tax recovery officer demanded for 50% of tax demand-PCIT directed to pay 20 % of tax demand–On writ High Court directed to pay only 5% of tax in dispute. [S. 226, 264 Art. 226]
S. 225 : Collection and recovery-Stay of proceedings–ITAT has granted conditional stay against the recoveries–Sizeable amount was recovered–Contempt-Court directed not to recover further and pending the petition directed the petitioner to approach the ITAT for appropriate relief–Fresh petition was dismissed. [S. 226, 254(1), Art. 226]
S. 148 : Reassessment—Objection to reopening notice-Breach of procedure laid down by Supreme Court in case of GKN Driveshafts (India) Ltd. v. ITO (2003) 259 ITR 19 (SC)-Writ is held to be not maintainable. [S. 143(3), 147, Art. 226]
S. 147 : Reassessment-After the expiry of four years-Exemption– Excessive deduction-No failure to disclose material facts– Reassessment is held to be bad in law. [S. 11(1)(a), 11(2)]
S. 147 : Reassessment-After the expiry of four years-Interest on ECB-No failure to disclose material facts-Reassessment is held to be bad in law-DTAA-India-Mauritius. [S. 148, Art. 226]