S. 271D : Penalty-Accepts any loan or deposit–loan received from father – same could be treated as gift and not loan – levy of penalty unjustified.
S. 271D : Penalty-Accepts any loan or deposit–loan received from father – same could be treated as gift and not loan – levy of penalty unjustified.
S. 271(1)(c) : Penalty–Concealment–Depreciation on land-Bona fide mistake -Voluntarily agreed to surrender tax on value of depreciation wrongly taken on land–Levy of penalty is not justified. [S. 32]
S. 263 : Commissioner – Revision of orders prejudicial to revenue – Rental income –Business income –Income from house property-Every loss of Revenue as a consequence of an order of AO could not be treated as prejudicial to interests of Revenue – Revision is held to be not valid. [S.22, 28(i)]
S. 263 : Commissioner-Revision of orders prejudicial to revenue-AO framed assessment as per law-Even if it had resulted in loss to revenue, said decision of AO could not be treated as erroneous and prejudicial to interest of revenue. [S. 153A]
S. 145 : Method of accounting-Cost of construction-Payment only on account of architecture fee-Estimate of value is not justified -Matter remanded. [S. 142A]
S. 80IA : Industrial undertakings–Infrastructure development- while computing deduction loss of one eligible unit shall not be set off or adjusted against profit of another eligible unit.
S. 54 : Capital gains – Profit on sale of property used for residence -More than one house – Amendment brought in S.. 54 to limit the exemption to one Residential unit is applicable from AY .2015-16 on wards. [S. 45]
S. 48 : Capital gains–Computation–Long term capital gains- Indexation–Once factum of construction was accepted then claim of cost of construction could not be rejected out rightly without examining correctness of amount of claim. [S. 45]
S. 9(1)(i) : Income deemed to accrue or arise in India-Business connection-For considering the permanent establishment in Article 5(2)(i) the threshold duration is 9 months-Income is not chargeable to tax in India-DTAA-India–Mauritius. [S. 90, Art. 5(2)(i), 7]
S. 271G : Penalty – Documents – International transaction – Transfer pricing – Failure to furnish information or documents-Change In Law — Default occurring prior to date of amendment conferring jurisdiction on Transfer Pricing Officer to impose penalty — Transfer Pricing Officer had no jurisdiction prior to Amendment ie on October 1, 2014 . [ S. 2(7A),92D(3) ]