S. 143(3) : Assessment-Assessed income can fall below returned income-Disallowance can fall below disallowance suomotu voluntarily made by the assessee in the return of income filed. [S. 14A, 139, R.8D]
S. 143(3) : Assessment-Assessed income can fall below returned income-Disallowance can fall below disallowance suomotu voluntarily made by the assessee in the return of income filed. [S. 14A, 139, R.8D]
S. 143(2) : Assessment–Notice–Authorised representative-Objection to service of notice was objected by the Assessee–Objection was later withdrawn by the assesee’s representative by signing order sheet–Consent given by the representative is binding on the assesse-Challenge to the assessment on the basis that there was valid service is held to be not valid. [S. 288, 292BB]
S. 14A : Disallowance of expenditure – Exempt income -Only those instruments/securities which yielded exempt income during previous year relevant to assessment year would be considered for computing disallowance-If disallowance falls below disallowance under section 14A offered by assessee in return of income, revenue cannot charge tax on income which never was income of assessee chargeable to tax. [S. 139, 143(3), R.8D]
S. 4 : Charge of income-tax-Capital or revenue-Right to sue- Damages received for breach of development agreement are capital in nature & not chargeable to tax. [S. 2(14), 45]
Workmen- concession on facts and law made by counsel- Test to be applied to find out whether contract labourers are direct employees or not.
S. 276B : Offences and prosecutions – Failure to pay to the credit tax deducted at source -Mere delay in depositing TDS within the time limit prescribed in S. 200 & Rule 30 is an offense sufficient to attract S. 276B. The fact that the TDS has been deposited subsequently does not absolve the offense. The fact that penalty u/s 221 has not been levied is not relevant because there is an admitted delay in depositing TDS. [S. 200, 221, R.30]
S. 254(1) : Appellate Tribunal-Duties-Directions-ITAT should take appropriate steps and expedite hearing in old appeals.
S. 147 : Reassessment –Non disclosure of receipt- Capital gains- Sale of shares- Long term – STT paid -The attempt of further verification would amount to rowing inquiry- Reassessment is bad in law. [S 2(29A, 10(38) ,115JB, .143(1), 148]
S. 143(2) : Assessment-Notice-If a notice is issued but is returned unserved by the postal authorities and thereafter no effort is made to serve another notice before the deadline, it shall be deemed to be a case of “non-service” and the assessment order will have to be quashed. [ [S.292BB, R.127, General Clauses Act, 1897, S. 27 ]
S. 92C : Transfer pricing-Arm’s length price-cannot determine The ALP at nil on an ad-hoc basis-If an authority like the RBI or Commerce Ministry has approved the rate of royalty, it carries persuasive value that the rate is at ALP.