S.69: Income from undisclosed sources- Penny stock –Return of 491 % – Bogus long term capital gains- Stock Exchange has identified Cresssanda Solutions Ltd as penny stock being used for obtaining bogus long term capital gains- No evidence of actual sale except contract notes issued by share Broker were produced – Denial of exemption is held to be justified .[S.10(38), 45 ]
S. 271(1)(c) : Penalty–Concealment–Legal representative-After initiation of penalty proceedings death of the assessee-Penalty proceedings cannot be continued against his legal representatives. [S. 159]
S. 271(1)(c) : Penalty–Concealment–Land shown as agricultural- Undertaken work to develop housing plots on land–Furnishing inaccurate particulars–Levy of penalty is held to be justified.
S. 269UC : Purchase by Central Government of immoveable properties – Restrictions on transfer-Chapter XX-C of Income-Tax Act Litigation between owner and department-Writ petitions by original assessees withdrawn in 2016-Income-Tax Department had not taken any steps to take possession of land from 1994 to 2017—High Court directing Income-Tax Authorities to take conciliatory action under Section 119(2) of the Act. [S. 119(2), S. 269UD, 269UG, Art.226]
S. 226 : Collection and recovery–Stay–Single judge directed the assessee to deposit 40 percent of total enforceable demand and furnish sufficient security for 35 percent of the total enforceable demand. [S. 220, 226(3)]
S. 195 : Deduction at source-Non-resident-When the payment is not taxable–Not liable to deduct tax at source.
S. 153A : Assessment–Search-Block assessment-Search warrant in the name of firm–Documents seized–Subsequent change of address of firm–Search not invalidated–Assessment is held to be valid. [S. 132]
S. 148 : Reassessment–Notice issued to deceased person-Legal Representative of such person not waiving right to notice-Notice is held to be invalid. [S. 147, 292B]
S. 148 : Reassessment-Settlement of cases-Order passed by Settlement Commission-Notice of reassessment in respect of issues covered by such order is held to be not valid. [S. 147, 245C, 245D(4), 245I, Art. 226]
S. 148 : Reassessment–Territorial Jurisdiction of High Court- Assessment at Hyderabad-Notice of reassessment at Mumbai-Bombay High Court has discretion to refuse to consider writ petition. [S. 147, Art. 226]