S. 37(1) : Business expenditure – Accrued or contingent liability – provision towards expenditure for closure of mines being merely a statutory provision relating to operation of mine, no deduction for proportionate expenditure to the period for which mines operated allowable.
S. 37(1) : Business expenditure – Accrued or contingent liability – provision for post- retirement medical benefits, future encashment leave and long service award based on actuarial valuation is allowable.
S.11: Property held for charitable purposes -Accumulation of income — Allowable at fifteen per cent. on gross receipts
S. 2(22)(e):Deemed dividend- account showing movement of funds both ways between a debtor and a creditor – Held, current account transaction and therefore, S. 2(22)(e) would not apply.
S. 271AAA : Penalty – Search initiated on or after 1st June, 2007 – Levy of penalty at the rate of 10% of the undisclosed income to be imposed only in respect of ‘specified previous year’ – The CIT(A) restricted penalty without examining ‘Specified Previous Year’, matter was set aside to AO for fresh consideration in light of explanation(b) S.271AAA.
S.271AAA : Penalty – Search initiated on or after 1st June, 2007 – Assessee has to specify and substantiate manner of income, has been derived in its statement recorded u/s. 132(4) and not thereafter- Levy of penalty is justified . [ S.132(4) ]
S.271AAA : Penalty – Search initiated on or after 1st June, 2007 – Assessee has to specify and substantiate manner of income, has been derived in its statement recorded u/s. 132(4) and not thereafter- Levy of penalty is justified . [ S.132(4) ]
S. 271(1)(c) : Penalty – Concealment – Notice issued without striking out irrelevant words – shows non application of mind – Penalty not sustainable.
S. 271(1)(c) : Penalty – Concealment- The AO did not specify under which limb had the penalty been imposed i.e whether it was on account of concealment of income or for furnishing of inaccurate particulars of income, then penalty was not sustainable. [ S.274]
S. 271(1)(c):Penalty- Concealment -Penalty cannot be levied on AO’s invocation of wrong limb while recording satisfaction