Direct Tax Vivad Se Vishwas Act, 2020, (2020) 422 ITR 121(St)
S. 3: Amount payable by declarant – Disputed tax –Bogus purchases – Tax to be calculated after giving effect to the order of the Tribunal – Competent Authority was directed to grant the certificate after determining the tax payable giving effect to the order of the Tribunal [ S. 2(1)(j)(B), Art, 226 ]
S. 69C: Unexplained expenditure -Resale of industrial goods – Payments through account payee cheque – Disallowance of 10 percentage of purchases – Order of Tribunal affirmed [ S. 133(6), 260A
S.147: Reassessment – After the expiry of four years – Interest and property tax paid subsequently after slump sale- Claimed as deduction in the year of payment – Amount disclosed in tax audit report relying on case law – Reassessment notice for incorrect claim- Change of opinion – Reassessment notice was quashed. [ S. 43B, 44AB, 148 , Art , 226 ]
S. 80IA:Industrial undertakings – Infrastructure development-Inland container depot and container freight station – Entitled to the deduction.[ S.80IA(4), 260A ]
S. 45 : Capital gains -Penny Stock – Cash credits –Accommodation entries – DMAT account and contract note showed details of share transaction- Assessing Officer had not proved said transaction as bogus, capital gain earned on said transaction can not be treated as cash credits – Addition as cash credit was deleted- Order of Tribunal allowing the exemption was affirmed . [ S. 10(38), 68 ]
S.2(14)(iii): Capital asset-Agricultural land-Sale of agricultural land – Land revenue record shown as “ Lagavadi Yogya Sherta “ ( Cultivable land )- Vegetables and minor millets grown – Land situated in Raigad District – No condition is prescribed under the provision of section 2(14)(iii) of the Act that active agricultural activity should be there at the time of sale of the land – Only condition that it must be agricultural land – Consideration received is not liable to be taxed as capital gains .[ S. 45, 54B , 131 ]
I got a flat in redeveloped society . The Development Agreement was signed in 2010 between society and developer . The possession was given in june 2019. How ever due to litigation i could not execute Permenant Alternate Accomodation Agreement (PAAA)when other owners could do it in 2014.At that time as per DA stamp duty and registration charges were paid by developer Now I approached my Builder to execute PAAA by paying stamp duty and registration charges .The builder refuse to pay Stamp duty and registration charges saying that his ac with society is closed and He will not pay anything. What stamp duty and registration charges i will have to pay to day on my PAAA execution. Recent Bombay High court order saying NO STAMP DUTY on PAAA if Delopment agreement is stamped and registered is available in my case ?
S. 12AA : Procedure for registration –Trust or institution- Plastic Waste Management -Preservation of Environment as defined in Section 2(15) of the Act – Eligible for exemption – Denial of registration is not valid . [ S. 2(15), 11,12A, 12AA (1)(b)(ii) , Form No .10A , Constitution of India Art, 14, 19 and 21 , 47, 48-A ,51-A(g) , Environment (Protection) Act, 1986, the Water (Prevention and Control of Pollution) Act, 1974, the Air (Prevention and Control of Pollution), Act 1981 , ]
S. 11 : Property held for charitable purposes – Object of improvement in the town of Sangrur – Activities cannot be held to be commercial in nature – Entitle to exemption . [ S. 2(15), 12 , 13(8) ]
S. 148 : Reassessment –Notice – Objection to recorded reason was not disposed off by a separate speaking order – Order is bad in law .[ S. 143(3), 147 ]