S. 194LBC : Investment in securitisation trust-Deduction of tax at source-Securitisation trust-Excess interest spread paid to originator-Originator not an investor-No liability to deduct tax at source.[S.115TCA, Securities Contracts (Regulation ) Act, 1956, S. 2(h (ie ), Securities and Exchange Board of India (Public Offer and Listing of Securitised Debt Instruments ) Regulations, 2008, regln. 2(1)(s)]
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Cash credits-Unsecured loans-Inadequate enquiry regarding genuineness and creditworthiness-Revision justified.[S.68, 143(3)]
S. 250 : Appeal-Commissioner (Appeals)-Procedure-Delay in filing-Commissioner (Appeals) treating delay as 551 days instead of 4 days-Matter remanded.[S.80P, 253(3)]
S. 153D : Assessment-Search-Approval-Composite approval for multiple assessment years-Mechanical approval-Assessment quashed-Mere proposal letter without assessment records-Approval invalid-Appeal to Appellate Tribunal-Additional grounds-Pure question of law-Delay due to change of counsel-Additional grounds admitted.[S. 153A, 254(1)]
S. 153D : Assessment-Search-Approval-Due application of mind established-Additional ground rejected. [S. 132, 153C]
S. 153A : Assessment-Search-Search warrant and panchnama not in the name of assessee-Assumption of jurisdiction invalid-Assessment quashed. [S. 132(1)]
S. 153A : Assessment-Search-Addition based on document impounded during survey-Not permissible in assessment under section 153A-Addition deleted. [S.69A, 115BBE, 132, 133A]
S. 153A : Assessment-Search-Bogus long-term capital gains-Additions based solely on Investigation Wing report and untested third-party statements-No incriminating material-Addition deleted-Estimated commission on alleged accommodation entries-No evidence linking assessee with entire stock exchange transactions-Addition deleted-Alleged cash handling based on statement of office boy-No corroborative evidence or cash trail-Addition deleted. [S. 45]
S. 153A : Assessment-Search-No incriminating material relating to assessment year-Assessment under section 153A invalid.[S. 132]
S. 151 : Reassessment-Sanction for issue of notice-Approval under section 151 recording “Yes, I am satisfied and may be reopened”-Mechanical approval-Without independent satisfaction-Reassessment invalid.[S. 147, 148]