S. 90: Double taxation relief-Foreign tax credit cannot be denied merely because Form No. 67 was filed after the due date, where the claim is otherwise supported by the return of income. [S. 139(1), R. 128]
S. 90: Double taxation relief-Foreign tax credit cannot be denied merely because Form No. 67 was filed after the due date, where the claim is otherwise supported by the return of income. [S. 139(1), R. 128]
S. 80P: Co-operative societies-Deduction-Absence of banking licence-Deduction allowable-Disallowance of gratuity contribution-enhancement of business profits would also qualify for deduction in view of CBDT Circular No. 37 of 2016. [S.80P(2)(4)]
80G: Donation-Deduction-Corporate Social Responsibility expenditure-Donation to approved institution-Allowable as deduction-Education cess-Not allowable as deduction-Dividend Distribution Tax-Not entitled to claim a lower rate of Dividend Distribution Tax under the DTAA, [S. 37(1), Expln. 2 40(a)(ii), 115-0, 234A, 234B, 234C)
S.69C: Unexplained expenditure-Business Expenditure-Bogus Purchases-Accommodation Bills –Failure to give an opportunity of cross-examination-Deletion of addition was affirmed.[S. 37(1), 131, 133A]
S. 69B: Amounts of investments not fully disclosed in books of account –Survey-Excess stock-Regular business stock-Taxable as business income-Section 69B not applicable. [S. 28(i), 115BBE, 133A]
S. 68: Cash credits-Unexplained Money-Senior citizen-Cash deposits during demonetisation-Agricultural income-Lump sum addition-Addition restricted to lump sum disallowance of Rs 62 000-Section 115BBE was inapplicable as the deposits were from explained sources and directed taxation under the normal provisions of the Act-The decision was rendered on the peculiar facts of the case and was not to be treated as a precedent. [S. 69A, 115BBE]
S. 68: Cash credits-Cash deposits during demonetisation-Addition was deleted-the enhanced rate under section 115BBE was not applicable for A.Y. 2017-18-Agricultural income-Ad hoc disallowance of 10% was deleted. [S. 115BBE]
S. 68: Cash credits Unsecured loan-Share application money-Identity, creditworthiness and genuineness proved-Assessee not required to explain source of source where creditor had sufficient own funds-Addition deleted. [S. 133(6)]
S. 68: Cash credits-Revision of orders prejudicial to revenue-Cash credits-Share Capital-Share Premium-Second Reassessment-Natural justice-The material gathered was not furnished to the assessee, resulting in violation of section 142(3) and the principles of natural justice. Accordingly, the addition was deleted. [S. 142(3), 144, 147, 263]
S.54F: Capital gains-Investment in a residential house-Purchase of residential house-Deduction cannot be denied merely because the sale deed was executed subsequently where investment and genuineness of the transaction are established. [S. 45]