S.37(1):Business expenditure — Travelling expenses — No disallowance could be made once expenditure is subjected to Fringe benefits tax.
S.37(1):Business expenditure — Travelling expenses — No disallowance could be made once expenditure is subjected to Fringe benefits tax.
S. 37(1) : Business expenditure -Fines and penalties — Levy of penal interest by Reserve Bank of India for failure to maintain statutory liquidity ratio is entitled to deduction in Assessment year in which liability is crystallised.
Dispute Resolution Scheme, 2016
S.201(1)((h): Tax arrear- penalty levied for contravention of S. 269SS and 269T is eligible to claim the benefit of the Scheme . [ S.202(b), 269SS, 271D, 271E ]
S. 281B : Provisional attachment -Reasonable apprehension that Assessee may default as the transactions discovered to be bogus and net worth of assessee declining accordingly the provisional attachment is held to be Justified [ S.147 ]
S. 263 : Commissioner – Revision of orders prejudicial to revenue -Land converted in to stock in trade -Leased property – Computation of capital gains without considering nature of right of assessee over land , accordingly the revision was held to be valid as the AO has not examined the matter in the correct perspective . [ S.45( 2) ]
S. 245N : Advance ruling – Transaction includes also proposed transaction -Maintainability of application cannot be raised at the time of hearing of application – Duty of the Authority to look in to all aspects of questions posed for its consideration , proceedings on the presumption that one part of agreement has no bearing on other is held to be not tenable [S. 245S(1), 245R ]
S.148: Reassessment – Notice -Concurrent jurisdiction of Assessing Officer Area -Delay and laches on part of assessee in responding notices lost his right to question jurisdiction of Assessing Officer [ S.120(1), 124(3) , 147 ]
S.147: Reassessment-After the expiry of four years-Transaction disclosed in original assessment proceedings discovered to be bogus, reassessment is held to be valid [ S.148 ]
S. 127 : Power to transfer cases -Transfer of pending proceedings on request by assessee, provisions cannot be invoked . [ S. 120, 124]
S. 80IB(10) : Housing projects- Date of commencement – Merely securing approval of Local Authority is not step towards development, actual date of construction is relevant . Project completed in year 2001 therefore balconies to be excluded [ S.80IB(10)(c ).