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) ]
S. 153A: Assessment – Search – Abated assessment – No incriminating material was found – Alleged bogus purchases –Addition was deleted . [ S. 69C , 132 ]
S. 64 : Clubbing of income – Minor child – Capital gains – Sale of inherited property – Minor daughter’s share deposited in nationalized bank under Court order – Not includible in assessee’s hands.[S. 45, 54F , Hindu Minority and Guardianship Act, 1956, S.8(2) ]
S. 54F : Capital gains- Investment in a residential house – Advance received cannot be assessed as capital gains – The AO was directed to recompute the capital gains on actual consideration and also directed to allow the exemption under section. 54F . [S. 45 ]
S. 272A : Penalty-Failure to answer questions-Sign statements-Furnish information-Non-compliance of notices issued under section 142(1)-Assessment order was passed under section 143(3)-Penalty deleted. [S. 142(1), 272A(1)(d)]