CIT v. Dilip Singh. (2018) 253 Taxman 41 / 300 CTR 184 /161 DTR 97 (Cal)(HC)

S. 92B : Transfer pricing – International transaction- Royalty arising out of use of brand name had to be treated as an international transaction.[ S.92C ]

S. 69B : Amounts of investments not fully disclosed in books of account –Receipts of jewellery in the name of assessee which was found in the course of search was from the disclosed income of the wife accordingly deletion of addition was held to be justified [ S.132B, 158B, 292C ]

S.68: Cash credits- Firm -Partner- Capital introduced by the partner was duly reflected in in the books of account maintained by him , addition cannot be made in the assessment of the firm .

S. 54F : Capital gains – Investment in a residential house -Relief is available if unutilized sale consideration in capital gain account scheme within due date of filing belated tax return under S. 139(4) [ S.45 , 54B ]

S. 41(1) : Profits chargeable to tax – Remission or cessation of trading liability – Share application money from holding company which was adjusted against goods sold by assessee cannot be assessed as cessation or remission of liability .

S. 40A(7) : Expenses or payments not deductible – Gratuity -Delay in granting approval- As the condition was satisfied, no disallowances can be made .

Kar Vivad Samadhan Scheme -Finance Act 1988

S.88: Declaration and prescribed rates of amounts payable -No tax arrears on the date of filing of declaration – Arrears was adjusted without giving an notice of hearing -Rejection of application was held to be valid .[S.87 ]

Gift -tax Act , 1958.
S. 4: Deemed gift- Investment company- Sale of shares at Rs 10 per share as against book value of shares at Rs 6.86 per share cannot be held to be in adequate- Valuation as per Schedule III of the Wealth -tax Act, 1957 cannot be applied . Addition was deleted.

Pradhan Mantri Garib Kalyan Yojna 2016 ( PMGK Scheme) Finance Act , 2016

S.199: PMGK Scheme is self contained complete code-Benefit of credit for advance tax paid at any stage before , during pendency of Scheme or thereafter cannot be given- No provision prohibits or bars an assessee, who had made true and correct disclosure, to partly take benefit of the option under S. 115BBE and partly exercise the second option in the form of declaration under PMGK Scheme. The sections do not prohibit part declarations under both options, provided entire undisclosed income has been accounted for in the declaration made under PMGK Scheme and S.115BBE. [S.199A to 199R, S,115BBE, 216 ]

S.271(1)( c ):Penalty—Concealment – Long term capital gains –Not specifying the charge- Deletion of penalty was held to be not justified – Order was set aside to decide the issue on merit [ S.45 , 54F ]