S. 4 : Charge of income-tax-Doctrine of mutuality-Club-Complete identity between contributors and participators of funds-Letting out Air-conditioned hall and lawns to non-members-Member was only a name lender-Usage of Air-conditioned hall and lawns facility by non-members are not covered by principle of mutuality-Income from such activity is not exempt. [S.143(3)]
S. 4 : Charge of income-tax-A Government undertaking, nodal agency for propagation of non-conventional energy sources-Grants-in-aid from Government-Unutilised grants-in-aid placed in fixed deposit with banks-Interest earned is not income as unutilised grant-in-aid was also a part of grant-in-aid-Precedent-High Court-Fact that judgment of High Court is under challenge before Supreme Court is cannot be a ground for Tribunal not to follow it. [S. 260A Art. 136]
S. 4 : Charge of income-tax-Central excise subsidy from Central Government-Subsidy granted for setting up new unit in Sikkim-Capital receipt-Not liable to tax. [S. 28(i)]
Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 .
S. 2(11):Undisclosed asset located outside India – Assessment -Black Money — Income from undisclosed sources —Investments in UK-based trusts — Only source of information Department’s common reporting standard information showing account balances in trusts and recitals in trust deed — Investment in trust represented immovable property sourced through bank loan —Balance in other trust owned up and explained by assessee’s Non-resident son – Addition is deleted . [ 10(3), ITAct , S. 139, Explan 4, The Foreign Exchange Management Act, 1999 , S.16 ]
S. 143(3):Assessment – Reassessment – After the expiry of four years -Rental income – Capital gains- Investment in a residential house – Change of opinion – Audit objection – TOLA – Disputed facts cannot be adjudicated in writ jurisdiction -Availability of alternate remedy – Writ petition is dismissed with liberty to file an appeal. [S. 23, 45, 54F, 144B , 147148, 151, 250, Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act (TOLA), Art. 226]
S.2(14)(iii): Capital asset-Agricultural land-Land is not used for agricultural purposes – Self- serving ledger entries- Property was sold before starting agricultural activity – Failed to file affidavit under Rule 10 of the Income Tax (Appellate Tribunal) Rules, 1963, pointing out that none of the Commissioner’s findings were contrary to the evidence on record or that the Commissioner or other authorities had grossly misread the documents on record- No substantial question of law – Order of Tribunal is affirmed . [ S. 45 , 260A , ITAT Rules , 1963 R. 10 .]
S. 271(1)(c) : Penalty-Concealment-Not specifying the charge-Penalty order is quashed.
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Capital gains-Full value of consideration-Stamp valuation-Property is transferred to Trust in assessment year 2017-18-Revenue has accepted the valuation-No addition can be made on account of stamp valuation in the assessment year 2018-19. [S. 11(IA), 45, 50C]
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Company-Book profit-Voluntary liquidation-Section 115JB is applicable even to a company under voluntary liquidation.[S.115JB]
S. 250 : Appeal-Commissioner (Appeals)-Procedure-Ex-parte order-Principles of natural justice-Matter remanded to CIT(A). [S. 250(6)]