S. 245D : Settlement Commission -Broker – Search and seizure- Failure to substantiate that entire unaccounted income from seized documents did not belong to him in respect of off market commodity transactions and hedging transaction -Rejection of application was held to be justified [ S. 69A, 153A, 245C ]
S. 194C : Deduction at source – Contractors – Payments to contractor for purchase of land and not development of works carried out is not liable to deduct tax at source [ S. 201(1) 201(IA) ]
S. 151 : Reassessment – Sanction for issue of notice – After the expiry of four years- Approval was not obtained – Reassessment was held to be bad in law [ S.147, 148 ]
S. 144C : Reference to dispute resolution panel – Defect in existing in original assessment order cannot be cured – show cause notice cannot be equated with assessment order – Oder passed without passing draft assessment was seta side .
S.92C: Transfer pricing – Comparable- While deterring ALP of components and parts exported to AE which are used in manufacturing of two wheelers cannot be compared with sale of finished goods in domestic market.
S.50C: Capital gains – Full value of consideration – Stamp valuation- When the assessee is protesting the valuation by Stamp authority and requesting the refer to Department volition Officer , the AO is bound to make the reference to Department Valuation Officer , accordingly the deletion of addition was held to be justified . [ S.45 ]
S.37(1): Business expenditure – Capital revenue- Opening of new stores /outlets expenditure on salaries , machinery and other repairs , travelling conveyance professional fees , electricity expenses telephone expenses etc is held to be revenue expenditure .
S. 12AA : Procedure for registration –Trust or institution-Genuineness of Trust is established – Registration cannot be refused [ S. 2(15),12A ]
S. 11 : Property held for charitable purposes – Depreciation- Income to be computed in normal commercial manner without classification under various heads referred in S.14 of the Act. [ S.14, 32 ]
Interpretation -Communication of Ministry of Commerce can be relied on – Inland ports.