S. 2(22)(e):Deemed dividend- Records of Registrar of Companies showing shareholding over 10 Per Cent. — Revised return filed before Registrar of companies subsequent to notice under Section 148- Loans received assessable as deemed dividend [ S. 147, 148 ]
S. 254(1) : Appellate Tribunal –Powers- While setting aside the order of Commissioner , the Appellate Tribunal cannot rewrite the Assessing Officer’s order and improve upon it .[ S. 14A,252, 263 ]
S. 147 : Reassessment –Search in premises of third party revealing unaccounted investments by assessee — Notice is valid [ S.132, 143(1),148 ]
S.143(IA): Assessment- Additional tax –Adjustment- Co-Operative Society —Reduction in loss -Payment of statutory dues not substantiated by evidence — Levy of additional tax is justified.[ S.43B, 80P, 154 ]
S. 80IA :Industrial undertakings – Infrastructure development- Agreement with nodal agency constituted by State Government for infrastructure development —Entitle to deduction .
S. 73 : Losses in speculation business -Set-off of Losses —Transaction in shares- No evidence was produced – Loss cannot be set off.[ S.133(6)]
S. 50 : Capital gains – Depreciable assets – Block of assets – Sale of land with building — Demolition of building — Land alone subject to development — Consideration is only for land S.50 is not applicable .[ S.45 ]
S. 11 : Property held for charitable purposes – Amount paid to employing foreign personnel for imparting education in India, amount set apart for payment in previous year and paid in subsequent year, expenditure of earlier years adjusted against income of current year ,amounts to application of income – When purposes of accumulation is mentioned in Form 10 charitable merely failure to give details — Exemption cannot be denied [ Form 10 ]
Interpretation of taxing statues – Precedent – Settlement Commission must follow decision of jurisdictional High Court. [ S.245C, 245D ]
S. 260A : Appeal – High Court – Method of accounting – Following AS-7 of the ICAI and not appreciating the fact that the same is not notified by the provisions of section 145 of the Income -tax Act , 1961 is a question of law, which requires consideration . [ S.145 ]