S.147: Reassessment- After the expiry of four years- Bogus capital gains- Penny stocks- Information was received from the Investigation Wing of the Income Tax Department- The assessee disclosed the primary facts to the AO & also explained the queries put by the AO- It cannot be said that the assessee did not disclose fully and truly all material facts necessary for the assessment- Reassessment is held to be not valid [ S. 45 , 148 ]
S. 147 : Reassessment –With in four years- Change of opinion -Book profit- The reasons in support of the notice is the very issue in respect of which the AO had raised a query during the assessment proceedings-The non-rejection of the explanation in the Assessment Order amounts to the AO accepting the view of the assessee, thus taking a view/forming an opinion- Reassessment on a mere change of opinion and would be completely without jurisdiction [ S.115JB , 148, Companies Act , 1956 , S.211(6) ]
Constitution of India , 1949 . Art.141 :Covid -19 – Extension of limitation period due to Covid-19 Lock down- Service of all notices, summons and exchange of pleadings may be effected by e-mail, FAX, WhatsApp, Telegram, Signal etc in addition to service of the same document by e-mail simultaneously on the same date- The Reserve Bank of India may consider whether the validity period of a cheque under the Negotiable Instruments Act should be extended or not [ Arbitration and Conciliation Act, 1996 S.23(4),29A, Banking Regulation Act,1949, S.35A, Commercial Courts Act, 2015 ,S.12A Constitution of India, 1949 , Art 141 , Negotiable Instruments Act, 1881,S.46 Limitation Act 1908 , S.5 ]
Constitution of India , 1949
Art. 217(2) : Judicial office- Elevation to High Court – Family Court has all trappings of Court – Therefore is a court – However Judges of Family Court do not hold, Judicial Office- Not eligible to be considered for elevation as High Court Judges . [ Art , 233(2) 236 , Family Courts Act , 1984 , S 3 ]
S.260A :Appeal -High Court – Substantial question of law- High Court in second appeal cannot reverse the concurrent finding of Courts below ,without framing a substantial question of law . [ Civil procedure code 1908 , S.100 ]
S.260A :Appeal -High Court – Substantial question of law- High court is directed to consider the substantial question of law at the time of final hearing of appeal in respect of questions which was not pressed at the time of admission of appeal. [ S. 10A, 260A (4) , 261 ]
S. 254(1) : Appellate Tribunal – Duties -Penalty -Concealment of income – An appellate authority has to decide all the issues , it cannot decide only one issue and decline to go other issues raised before him- Deletion of penalty is held to be valid . [ S. 271(1) (c ) , Indian Income -tax Act ,1922, S .28(i) ( c) ]
9.S.69C : Unexplained expenditure – Bogus purchases – Failure to produce lorry receipts and movement of goods – Mere reliance by the AO on information obtained from the Sales Tax department or the statements of two persons made before the Sales Tax Department would not be sufficient to treat the purchases as bogus – Burden is on revenue to prove that the transaction is not genuine- Deletion of addition is held to be justified . [S.133(6) ]
S. 143(3) : Assessment – Liability to tax – Set-aside – Attachment of property
Maharashtra Co -Operative Society Act ,1960
S.41 : Exemption from compulsory registration of Instruments relating to shares and debentures of Society – Gift of shares of Co-op Hsg. Society- Gift of immoveable property -Unregistered declaration of gift of Shares held by a Member of Co-operative Hsg. Society – Property thereunder cannot be said to be validly transferred even though accepted by donee.[ Indian Registration Act ,1908, S.17 , Transfer of property Act , 1882 , S. 53, 123 ]