S. 148 : Reassessment – Notice in the name of deceased assessee- For acquiring jurisdiction to reopen an assessment, notice should be issued in name of living person, i.e., legal heir of deceased assessee-S292B could not be invoked to correct a fundamental/substantial error- Notice is held to be bad in law .[ S.147, 292B, 292BB ]
S. 148 : Reassessment-Recorded reasons not communicated – Produced before the Tribunal- Reassessment is bad in law. [S. 147]
S. 80HHD : Convertible foreign exchange –Hotel- Tour operator- Double deduction under Chapter VIA- Entitlement of deduction under diverse provisions in respect of same income- Matter referred to larger Bench. [S. 80IA]
S. 80HHC : Export business–Interest- Business income -Interest charged on delayed payment of sale consideration is assessable as business income.[S. 28(i)]
S. 28(i) : Business income- Interest income – Interest on amount advanced to contractor assessable as business income and not as income from other sources. [S. 56]
S. 14A : Disallowance of expenditure – Exempt income -Explanation offered cannot be rejected arbitrarily by the AO. [R.8D]
Benami Transactions (Prohibition of Right to Recover Property ) Ordinance , 1988.
S.2 : Benami transactions – Right to recover the property – Financial assistance was given is not a determinative factor –Burden of proving the Benami Transaction lie on the person who alleges – Failure of plaintiff to establish intention of father to purchase properties for and behalf of family – Transaction cannot be said to be benami in nature – Appeal of petitioner is dismissed.
S. 50C : Capital gains-Full value of consideration- Stamp valuation –Entire consideration was invested in bonds -The assessee cannot avoid the impact of S. 50C by claiming that his S. 54EC investment is large enough to cover the deemed consideration based on stamp duty valuation- Such interpretation renders S. 50C redundant -[ S.45,48. 54EC ]
S. 275 : Penalty-Bar of limitation–Limitation provision is applicable to original assessment proceedings and not set aside proceedings – Not barred by limitation. [S. 271(1)(c), 275(1)(a)]
S. 271(1)(c) : Penalty-concealment–Surrender of amount–cash credits–Survey-Surrender was held to be not voluntary-Levy of penalty is held to be justified. [S. 131, 133A]