S. 263 : Commissioner-Revision of orders prejudicial to revenue– Capital asset-Surrender of right, title and interest in plot allotted by MIDC in favour of third party-Not assessable as business income.[S.,2(14), 28(i), 45]
S. 263 : Commissioner-Revision of orders prejudicial to revenue– Capital asset-Surrender of right, title and interest in plot allotted by MIDC in favour of third party-Not assessable as business income.[S.,2(14), 28(i), 45]
S. 260A : Appeal-Review-Transfer pricing–Arm’s length price–Following the earlier year order review petition is allowed-The appeal is restored to original file of this Court and shall be heard on its merits. [S. 92C]
S. 260A : Appeal-High Court–Sale of shares-Income earned from sale of shares held for more than one year–Held as long-term capital gain- Applicability Explanation to S. 73 cannot be raised for first time in proceedings pending before High Court. [S. 45, 73]
S. 254(1) : Appellate Tribunal- Powers-Dismissal of appeal-Non appearance -Failure to appear on the appointed date, failure to make arrangement to represent her before Tribunal by an authorised representative and also failed to sought for another date of hearing- Dismissal of appeal by the Tribunal is held to be justified.
S. 245D : Settlement Commission-Application–Cross examination- Relying upon statements of witness without giving an opportunity of cross examination the application of the assessee was rejected by the Settlement Commission-High Court rejected the writ petition. [S. 245C]
S. 245D : Settlement Commission-Settlement of cases–Settlement Commission either reject the application or it could have directed Principal Commissioner or Commissioner to enquire and submit report so as to enable to Commission to take a decision- Settlement Commission could not relegate matter to Assessing Officer to dispose of assessee’s case on merits. [S. 245(2C), 245D(1), 245D(4)]
S. 220 : Collection and recovery-Assessee deemed in default- Wilful evasion of payment of tax- waiver of interest is rejected [ S. 158BC, 220(2A)]
S. 195 : Deduction at source-Non-resident-Deputation-Contract between assessee manpower provider and Kuwait based company-Employee was deputed in Kuwaiti company who was under employment of assessee-assessee was not required to deduct tax at source.[ S.9(1) (vii), 40(a) (ia) ]
S. 195 : Deduction at source-Non-resident-Royalties and fee for technical services-Banking services-Foreign bank-Rendering financial services in order to raise capital abroad through issuance of Global Depository Receipts (‘GDRs’)- Not liable to tax in India as fee for technical services- Not liable to deduct tax at source–Article 12 of OECD Model Convention.[S. 9(1) (i),9(1)(vii)]
S. 194C : Deduction at source–Contractors-Composite sales invoice–Matter remanded. [S. 40(a)(ia), 194C(iv)]