S. 153C : Assessment – Income of any other person – Search – No satisfaction was recorded sating that how seized material belonged to the assssee. In the absence of any incriminating material , notice was held to ne in valid [ S. 132 ]
S. 153C : Assessment – Income of any other person – Search – No satisfaction was recorded sating that how seized material belonged to the assssee. In the absence of any incriminating material , notice was held to ne in valid [ S. 132 ]
S.147: Reassessment-After the expiry of four years- Reassessment —Interest on deposits not disclosed in return — Details were available in the books of account or the balance-sheet or profit and loss account could not absolve the assessee from a true and correct disclosure of material facts necessary for assessment. Explanation 1 to S. 147 is applicable – Reassessment is valid [ S.148 ]
S. 54F : Capital gains – Investment in a residential house – Assessee owning a house on date of transfer is not entitle to benefit under S.54F [ S.45]
S. 48 : Capital gains – Computation -Difference between market value and consideration declared, burden is on the revenue to prove -Addition was deleted [S. 45,52(1) ]
S.45:Capital gains — Shares purchased was pledged with bank – Actual date of transfer is when shares were delivered by bank to entity in subsequent assessment year. [ S.48 ]
S. 40(b)(v) : Amounts not deductible – Partner – Remuneration – Interest earned on investment of surplus money is not part of business income for computing the remuneration to partners – Disallowance was held to be justified .[ S.56 ]
S. 12AA : Procedure for registration –Trust or institution- Providing mid-day meals at Village Schools is charitable purpose which is entitle to registration . [ S.2(15) ]
S. 10 (23C): Exemption- Approval granted is held to be valid till it is withdrawn -Amount spent on the object was held to be allowable .[ S. 10(23C)(iv) ]
Income Declaration Scheme, 2016 -Finance Act, 2016 ( 2016) 384 ITR 1 (St) (IDS)
S.187: Time for payment of tax -Power to extend the payment of tax – CBDT has the power to condone the delay in depositing the tax .Matter remanded to CBDT to consider the request of the assessee. [ S.119, 183, 184 ]
Wealth tax -Act , 1957
S.7: Net wealth- Value of assets- Valuation of all assets and the valuation operated not on a year-to-year basis but for a four year cycle. The only exception was that where jewellery included gold or silver or any other alloy, the valuation of gold had to be undertaken annually- Deletion of addition was held to be justified .[ Wealth-tax Rules, 1957, 18 , 19 ]