S.23: Income from house property- Annual value – Interest free deposit – Rented property – Deletion of the 12 per cent. interest on the interest-free deposit received by the assessee, to determine the annual letting value of the rented property- Held to be valid . [ S.22, 24 ]
S. 14A : Disallowance of expenditure – Exempt income -Interest – Disallowance can be only on net interest on the loan . [ R.8D ]
S. 14A : Disallowance of expenditure – Exempt income – Recording satisfaction – Mixed funds -Recording of satisfaction is mandatory- Disallowance is not attracted automatically . [ R.8D ]
S. 9(1)(vii):Income deemed to accrue or arise in India – Fees for technical services – Payment for installation of wind turbine, repairs to wind Turbine and for market study — Services rendered technical in nature -Liable to deduction of tax at source- DTAA -India – Sri Lanka . [ S.195 , 260A, Art, (12)(2) . ]
S. 54F: Capital gains – Investment in a residential house – Part ownership in property – Not considered absolute ownership – Assesse eligible on the date of transfer of original asset – Exemption is allowed . [ S.45 ]
S.271(1)(c) – Penalty – Concealment – In order to levy penalty, it should be proved that assessee has consciously concealed income or furnished inaccurate particulars and penalty proceedings were vitiated if AO did not mention the limb under which penalty is levied under section 271(1)(c) in the notice [ S.274 ]
S. 271(1)(c) : Penalty –Concealment – Notice u/s 274 issued without striking off the irrelevant words show non-application of mind by the AO. [ S.274 ]
S. 148: Reassessment- Notice- Order on appeal – If notice u/s 148 is beyond the time limit, the CIT(Appeals) cannot give direction u/s 150 to the AO to execute remedial action u/s 148 [ S. 147, .148 149(1) (b), 150 ]
S. 148 : Reassessment – Notice – Where notice for reopening issued by AO prior to approval by CIT, the reassessment is bad in law [ S.147 ]
S. 148: Reassessment – Time Limit for issue of notice – Reopening notice invalid once the time limit to reopen has expired.[S.147 , 149(1)(b), 150, 250 ]