S. 28(i) : Business Loss — Write off of stores and parts -Imported goods were lying in custody of port authorities in bonded warehouse- Relinquishing its right and title to goods- Goods lost their life for use in its business-loss is incidental to business and allowable as business loss. [S. 37(1)]
S. 22 : Income from house property – letting out of its permanent structured on regular basis is assessable as income from house property – Receipt of license fee for use of craft stalls organized with object of promoting tourism, is taxable as business income. [S. 28(i)]
S. 10B : Export oriented undertakings -Delay of one month in uploading the return-System was affected by virus -Reasonable cause – Exemption cannot be denied. [S. 139(1)]
S. 10(23C) : Educational institution-Delay in disposal of application-Exemption cannot be denied for the AY. 2016-17 [S.10(23C)(vi)]
S. 9(1)(vii) : Income deemed to accrue or arise in India – Fees for technical services -Fees for Services received by UAE Company from Indian company was business income in hands of said company as per DTAA between India and UAE and in absence of any PE of any said company in India, business income could not be taxed in India-DTAA-India-UAE. [Art. 5, 7, 12]
S. 4 : Charge of income-tax – Capital or revenue -Incentive received under Package Scheme of Incentives of Govt. of Maharashtra is capital receipt and not liable to tax.
S. 263 : Commissioner-Revision of orders prejudicial to revenue -Book profit – Exempt income- two views possible -Revision is held to be bad in law. [S.14A, 115JB, R. 8D]
S. 145 : Method of accounting–Mercantile system-Mixed system of accounting-Asseseee cannot follow cash system selectively for certain receipts-Statutory provisions under Act would prevail over any observation/objection/remark of audit party of CAG.
S. 145 : Method of accounting-Project completion-Profit and loss account and Balance sheet is prepared on completion of project, provision for expenses in respect of ancillary work yet to be completed has to be taken in to consideration – When the payee is not known it is not possible to deduct tax at source on estimated expenditure – Not liable to deduct tax at source – No disallowance can be made. [S. 40(a)(ia)]
S. 144C : Reference to dispute resolution panel -Not an eligible assessee- Draft assessment order is invalid. [S. 92CA(3)]