S. 194C : Deduction at source – Contractors – Milling charges -property in by-products came into ownership of millers from a point of coming of it into existence-Assessee was not owners of such by-products—TDS provisions is not attracted . [ S.201 (1) 201(IA) ]
S. 147 : Reassessment –With in four years-Survey –Reassessment on the basis of statement of the partner –Reassessment is held to be valid- Adoption of cost of construction – Matter is remanded [ S.133A ]
S. 80P : Co-operative societies – Interest income earned by assessee was from carrying on its business activities— Entitle to deduction [ S.80P(2)(a))(i) ]
S.68: Cash credits – Amount transferred from Pakistan – Source properly explained – Deletion of addition is held to be justified .
S. 4 : Charge of income-tax – Pre-operative expenses— Interest from banks—Capital Receipt-Income from other sources . [ S. 3,56, 145 ]
S.2(22)(e): Deemed dividend – Intercorporate deposit -Business transactions -Deposit in the course of business- Interest income was offered as income – Not assessable as deemed dividend.
S. 276C : Offences and prosecutions-Wilful attempt to evade tax -None of the authorities gave clear finding about evading tax wilfully- Minor lapse on the part of the assessee of not mentioning stock, undisclosed income in the facts of this case do not attract launch of prosecution- Prosecution proceedings were quashed. [S.277, 278B]
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Capital gains-Valuation–Reference to valuation Officer- Discretionary power of the AO- Possible view–Revision is held to be not valid. [S. 45, 55A]
S. 254(2) : Appellate Tribunal-Rectification of mistake apparent from the record –Concealment penalty-Quantum reduced to nil-Deletion of penalty by Tribunal-Tribunal recalled earlier order on rectification application of the revenue-Recalling of the order is held to be valid. [S. 271(1)(c)]
S. 253 : Appellate Tribunal–Delay of 107 days-No affidavit of Chartered Accountant was filed–Delay was not satisfactorily explained–Appeal was dismissed being barred by limitation. [S. 254(1)]