S.28(i): Business loss-Derivative contracts-Foreign Exchange fluctuations-Allowable as business loss.[S. 37(1)]
S.28(i): Business loss-Derivative contracts-Foreign Exchange fluctuations-Allowable as business loss.[S. 37(1)]
S.14A : Disallowance of expenditure-Exempt income-No reasons recorded-Order of Tribunal is affirmed.[R. 8D]
S. 12AA : Procedure for registration-Trust or institution-Condonation of delay-Application was rejected-Denial of exemption is justified-SLP rejected. [S. 260A]
S. 9(1)(vi) : Income deemed to accrue or arise in India – Royalty-Fees for technical services-Business profits not taxable in India – DTAA-India – Malaysia [S.9(1)(vii), 90(2) art. 5, 7, Copyright Act, 1957, S. 14(a), 14(b)]
S. 4 : Charge of income-tax-Diversion of income by overriding title-Amounts transferred to statutory reserve fund-Amounts received and then transferred-No diversion of income by overriding title.[S. 145]
Prohibition of Benami Property Transactions Act, 1988,
S. 24: Benami Property — Provisional Attachment of property — No provision warranting authorities to provide opportunity of Cross-Examination of witnesses whose statements have been relied upon — Orders continuing provisional attachment of property till order of adjudicating authority is not erroneous.[ 24(2) 24(3) 24(4)(a)(i) , 26(3) , ITAct , S.132 , Art . 226 ]
Direct Tax Vivad Se Vishwas Act, 2020 (2020) 422 ITR 121 (St)
S. 4: Filing of declaration – -Refund — Set-Off of refund —Capital gains for assessment year 2016 -17 – Set off of demand for the Assessment year 2014 -15 -Direction is issued to Department to make suitable adjustments to transfer amount paid under Scheme for Assessment year 2016-17 .[ S. 3, 5 , ITAct , S.244A , Art . 226 ]
Direct Tax Vivad Se Vishwas Act, 2020 (2020) 422 ITR 121 (St)
S.2(1)(a) : Appellant – Declarant – Pendency of appeal – Physically and digital mode – No difference between appeal admitted physical and digital mode – Rejection is not valid .[ ITAct, 1961 , S. 254(2), Art . 226 ]
Black Money (Undisclosed Foreign Income And Assets) And Imposition Of Tax Act, 2015 .
S. 10(1): Undisclosed Foreign Assets — Evasion of tax — Look-out circular banning travel — Pendency of appeal – The look-out circular shall stand modified to an intimation in terms of clause 6(I) of the Office Memorandum of 2021, which states that in cases where there is no cognizable offence under the Indian Penal Code and other penal laws ; the look-out circular subject cannot be detained or arrested or prevented from leaving the country-The originating agency can only request that they be informed about the arrival and departure of the subject in such cases. [ S. 10(3), 41 , ITAct , 131(IA) 133A 153A , Art. 226
Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
S. 43:Penalty for failure to furnish return of income an information or furnish inaugurate particulars of an asset ( Including financial interest in any entity ) outside India -Did not disclose foreign asset in ITR Schedule FA, order of Commissioner (Appeals) confirming levy of penalty under section 43 of Black Money Act is affirmed . [ ITAct, S.139 ]