S. 11 : Property held for charitable purposes – Carry forward of deficit – Excess expenditure incurred by trust in earlier years – Set off against income of subsequent years – Permissible – Appeal of Revenue dismissed. [S. 11(1)(a), 11(1)(d), 260A .]
S. 270A : Penalty for under -reporting and misreporting of income – Transfer Pricing adjustment – Advanced Pricing Agreement – No order passed u/s. 92CD(3) on modified return – Virtual hearing mandatory under Faceless Penalty Scheme – Penalty order quashed and matter remanded to AO to grant virtual hearing and pass fresh speaking order within 12 weeks. [S. 92CD(3) , 143(3), 144C(3), Art. 226 ]
S. 143(3) Assessment – Disallowance of expenditure – Business income – Entries in the books of account is not conclusive- Alternative remedy – No deduction of expenses claimed either by assessee or unit holders – Addition made by AO wholly without jurisdiction – Writ petition maintainable – Assessment order quashed. [S. 10(23FBA), 28(i), 37(1), 115UB, 144B , 246A , Art. 226]
S. 254(2) : Appellate Tribunal – Rectification of mistake apparent from the record – PF/ESI contribution – Subsequent decision of Supreme Court – Cannot be ground for rectification – Tribunal erred in recalling its order on the basis of subsequent ruling – Writ petition allowed. [S. 254(1), 143(1)(a), 36(1)(va), 43B, 260A, Art. 226, CPC O.47 R.1]
S. 73 : Loss in share trading – Speculation loss – Set-off – Not allowable against profit from F&O transactions – Arbitrage operations – Explanation to S.73 operates independently of S.43(5) – Speculative loss cannot be adjusted against F&O business income.[ S.28(i) , 43(5)]
S. 143(3): Assessment – Appeal pending before CIT(A)- Writ – Alternate remedy – Writ petition not maintainable- Extraordinary jurisdiction – Not to be invoked when alternate statutory remedy is available- The Court directed CIT(A) to dispose of the appeals (both against assessment and penalty orders) within eight weeks. [ S. 144B 250 , Art. 226 ]
Central Goods and Service tax Act , 2017 .
S. 73 : Demands and recovery – Determination of tax – Joint Development Agreement – Real estate developer – Time of supply of service – Time of supply under Joint development agreement is governed by Notification 04/2018, i.e., on conveyance/allotment, not agreement date,-Any deposit obtained without authority of law is refundable with interest, regardless of whether made under protest or otherwise. [ S. 13(2(b), 74 , Art . 226 ]
Central Goods and Services Tax Act, 2017 .
S. 54 : Refund of tax – Input tax credit – Inverted duty structure – Notification No. 09/2022 dated 13-07-2022 applicable prospectively – Refund cannot be denied for period up to 18-07-2022 – Circular restricting refund claims only if filed before 18-07-2022 held arbitrary and violative of Article 14 – Refund application filed within limitation period of two years cannot be rejected. [ S. 5(3), Art . 14 , 226 ]
S. 151 : Reassessment – Sanction for issue of notice – Notice issued under section 148 with sanction of PCIT instead of JCIT – Survey – Invalid sanction – Assessment held to be null and void. [ S. 133A , 143(3),151(2), 147 , 148]
S. 56 : Income from other sources – Immovable property – Purchase consideration – DVO valuation – Difference of 7% within 10% safe harbour – Amendment by Finance Act, 2020 curative and retrospective – Addition deleted.[ S. 50C , 56(2)(x)(b)(B) ]