S. 254(1) : Appellate Tribunal–Duties-Additional evidence– Supporting the order of AO certain agreements which were produced by the assessee before the AO was produced by the revenue–Admission of additional evidence is held to be justified. [ITAT R. 29]
S. 251 : Appeal-Commissioner (Appeals)–Powers -New source of income–Purchase of shares at Rs.4 per share when the market price was Rs.140 per share–AO made addition of Rs. 136 per share u/s 69/69B of the Act–CIT (A) confirmed the addition u/s. 56(2)(vii)(c) of the Act–CIT(A) has not discovered a new source of income-Order of CIT(A) is affirmed. [S. 56(2)(vii)(c), 69, 69B, 246A]
S. 249 : Appeal-Commissioner(Appeals)–Payment of admitted tax- Subsequently required amount of tax is paid- Appeal shall be admitted on making payment of tax and taken up for hearing on merits. [S. 246A, 249(4)(a)]
S. 201 : Deduction at source-Failure to deduct or pay–Order passed after six years from expiry of financial year 2005-06 relevant to impugned assessment year-Held to be barred by limitation. [S.195(2), 201(1), 201(IA)]
S. 201 : Deduction at source-Failure to deduct or pay–Bona fide estimate–Cannot be held to be assessee–in default-Payments made employees towards death cum retirement gratuity, pension or leave salary would not be liable for TDS to extent permitted under provisions. [S. 10(10), 10(10AA)]
S. 147 : Reassessment-Information from the Dy. DIT(Inv)-Live link between the tangible material and formation of belief and reasons recorded-Mismatch of exempt long term capital gains- Reassessment is held to be valid.[S. 10(38), 45, 148]
S. 145 : Method of accounting–Maintenance charges–Addition on notional basis is held to be not justified. [26AS]
S. 144 : Best judgment assessment–Failure to comply with notices –Denying allowances of interest and salary paid to partners is held to be justified. [S. 148, 184]
S. 115JA : Book profit -Capital gains- Exempt u/s 54EC is not to be included for the purpose of computation of book profit. [S. 45, 54EC]
S. 92C : Transfer pricing–Arm’s length price-Loan to AEs without charging interest–Interest rate could not exceed LIBOR plus 200 basis points–Remanded to TPO for examination.