S. 28(i) : Business income- Interest income – Interest on amount advanced to contractor assessable as business income and not as income from other sources. [S. 56]
S. 28(i) : Business income- Interest income – Interest on amount advanced to contractor assessable as business income and not as income from other sources. [S. 56]
S. 14A : Disallowance of expenditure – Exempt income -Explanation offered cannot be rejected arbitrarily by the AO. [R.8D]
Benami Transactions (Prohibition of Right to Recover Property ) Ordinance , 1988.
S.2 : Benami transactions – Right to recover the property – Financial assistance was given is not a determinative factor –Burden of proving the Benami Transaction lie on the person who alleges – Failure of plaintiff to establish intention of father to purchase properties for and behalf of family – Transaction cannot be said to be benami in nature – Appeal of petitioner is dismissed.
S. 50C : Capital gains-Full value of consideration- Stamp valuation –Entire consideration was invested in bonds -The assessee cannot avoid the impact of S. 50C by claiming that his S. 54EC investment is large enough to cover the deemed consideration based on stamp duty valuation- Such interpretation renders S. 50C redundant -[ S.45,48. 54EC ]
S. 275 : Penalty-Bar of limitation–Limitation provision is applicable to original assessment proceedings and not set aside proceedings – Not barred by limitation. [S. 271(1)(c), 275(1)(a)]
S. 271(1)(c) : Penalty-concealment–Surrender of amount–cash credits–Survey-Surrender was held to be not voluntary-Levy of penalty is held to be justified. [S. 131, 133A]
S. 149 : Reassessment–Time limit for notice-Jurisdiction-Direction of CIT(A) to issue notice after the expiry of period of period of limitation is held to be not valid. [S. 147, 148, 150, 250]
S. 147 : Reassessment-Change of opinion-Re-insurance premium- Failure to deduct tax at source–Reassessment is held to be bad in law. [S. 195]
S. 147 : Reassessment-Royalty–Survey-Merely because tax was deducted at source on such income it could not be said that there was no escapement of income-Wrong mentioning of provision of law relating to other issues in the reasons recorded would not vitiate reassessment proceedings-Reassessment is held to be valid -DATA- India -South Korea. [S. 133A, 148, Art. 5(2)]
S. 147 : Reassessment-Capital gains—Transfer of property—Development agreement-General power of attorney-Handed over possession-Liable to capital gains-Reassessment is held to be valid–To determine short term or long term, matter remanded to AO. [S. 2(47)(v), 148 Transfer of Property Act, 1882, S.53]