S. 12A : Registration–Trust or institution-Registration cannot be refused on the ground that the Trust deed is not having any provision in relation to disbursement of balance funds in the eventuality of the dissolution of Trust. [S. 2(15), 11, 115TD (c), Code of Civil Procedure, S, 91, 92]
S. 11 : Property held for charitable purposes–Accumulation of income-Order of rejection by CIT (E) was set aside. [S. 11(2), 12AA, 119(2)(b), 139(4A), 143(1), Form No 10, Art. 226]
S. 4 : Charge of income-tax-Subsidy–Capital or revenue-Technology Upgradation Fund-Focus Market Scheme-Electricity Duty Subsidy-Held to be capital receipts. [S. 28(i)]
S. 263 : Commissioner – Revision of orders prejudicial to revenue – No loss to revenue – Assessment after detailed inquiry – Revision is held to be not valid [S. 45(2), 143(3)]
S. 263 : Commissioner – Revision of orders prejudicial to revenue -Business income or other sources- Income should be taxed as business income or as arising from the other source ia a debatable issue – Revision is held to be not justified. [ S.28(i), 56 ]
S.254(2) : Rectification of mistake apparent on record –Recall of order—Appellate Tribunal remand matter to the Assessing Officer If order of the Tribunal is correct, there is no reason or necessity for recalling such correct order just because Co-ordinate Bench decision was not mentioned or discussed in the order. [ ITAT R. 24 ]
S.244A: Interest on refund – held to be allowable to the Assessee on the self-assessment tax refunded.(244(1)(b))
I
S.148: Reassessment – Notice – Validity – Special audit report was a fresh tangible material – Formed reasonable belief for escaped assessment-Reassessment notice is valid. [ S.37(1) 80G , 147 ]
S.147 : Reassessment-After the expiry of four years- Reopened on the ground that in another assessee where similar claim with the same housing project – No failure on the part of the assessee to disclose truly and fully all relevant facts – reassessment held to be invalid. [80IB(10)]
S.115JB : Book profit – Provisions as it stood prior to its amendment by virtue of Finance Act, 2012, would not be applicable to a banking company governed by provisions of Banking Regulation Act, 1949- Companies which are not required to prepare its profit and loss account in accordance with part II & III of Schedule VI of the Companies Act , 1956 – Adjustment cannot be made. [S.115JB(2), Companies Act , 1956 , S 211(2), Banking Regulation Act, 1949]