S. 18 : Interest on securities-Banks-Interest received at time of sale of securities-Assessable as interest on securities and not as income from business. [S. 28(i), 136]
S. 18 : Interest on securities-Banks-Interest received at time of sale of securities-Assessable as interest on securities and not as income from business. [S. 28(i), 136]
S. 9(1)(vi) : Income deemed to accrue or arise in India-Royalty- Deduction of tax at source-Payments to Non-Residents-Telecommunications operators for providing inter-connectivity services and transfer of capacity in foreign countries-Not chargeable to tax as royalty-SLP of Revenue is dismissed. [S. 195, 201, Art. 136]
S. 9(1)(vi) : Income deemed to accrue or arise in India-Royalty-Deduction of tax at source-Payment to Non-Resident-Royalty User licence agreement for use of computer software by Non-Resident supplier to distributor and resold to resident end-user, or directly supplied to resident end-user-Not royalty for use of Copyright in computer software-Not liable to deduct tax at source-Review petition is dismissed on account of delay of 515 days and also on the merits. [S. 195, Copyright Act, 1957, S. 14(a), 14(b), 30]
S. 4 : Charge of income-tax-Accrual-Banks-Interest on bad and doubtful debts is not taxable.[S. 5, 119, Art. 136]
S. 4 : Charge of income-tax-Accrual-Interest on sticky advances credited to memorandum account is not taxable. [S. 145, Art. 136]
S. 147: Reassessment – Limitation – TOLA did not apply as the limitation period expired before 20.03.2020- Notice under section 148 issued in 31-7-2022, which is beyond the prescribed time limit – Reassessment held to be invalid. [S. 68, 133(6), 142(1), 148, 148A(b), 148A(d), 149, 151, 154, 115JB]
S. 147: Reassessment – With in four years- Change of opinion – Alleged double deduction – No failure to disclose material facts – Reassessment is quashed and set aside. [S. 143(3), 148, 149, 151, 36(1)(vii), 37(1), Art. 226]
S. 147: Reassessment – Revision -Notional rent – Income from house property – Change of opinion – Reopening based on issues already examined in revision proceedings – The original assessment order dt.31.12.2015) is no longer existed, as it was set aside under Section 263- Making the reopening procedurally invalid – Reassessment is quashed . [S. 22, 143(3), 148, 149, 151, 263, Art. 226]
S. 132: Search and Seizure – Ultra vires seizure – Stock in trade – Writ petition disposed of with directions to avail alternative remedy under S. 132B of the Act . [S. 131(1A), 132(1)(iii), 132B, Art. 226]
The Power of Attorney Act , 1882
S. 2: Execution of power- of- attorney -General power of attorney – Transfer – Power of attorney and agreement to sell were not registered- In absence of registration under section 17(1)(b) of Registration Act, it would not be open for holder of power of attorney (POA ) to content that she had a valid right, title and interest in immovable property to execute registered sale deed in favour of appellant- Sale deed executed by General Power of attorney (POA) holder after death of original owner was invalid. [ S. 1A , Indian Contract Act , 1872, 201, 202 , Indian Income -tax Act , 1961 , 2(47) , Indian Registration Act ,1908, 17(1))(b) , 49, , Limitation Act , 1963 , Article . 58 , 65, Transfer of Property Act , 1882 , S.40,53A, 54, 55 , Specific Relief Act ,1877, ]