S. 64 : Clubbing of income-Minor child-Deduction of tax source-Interest-Accrual-Tax to be deducted by bank as and when interest accrued even before child attained majority-Method of accounting-The provisions of section 64(1A) are not ultra vires the Constitution of India. [S. 64(IA), 145, 194A, 197(1), 264]
S. 45 : Capital gains-Sale of Non-Convertible Debentures With Detachable Warrants-Valuation of cost of detachable warrants-Valuation was accepted by assessee-Tribunal affirming the cost-Order of Tribunal affirmed.
S. 37(1) : Business expenditure-Commission-Not supported by evidence-Disallowance is affirmed.
S. 37(1) : Business expenditure-Capital or revenue-Repairs and improvements in leased premises-Allowable as revenue expenditure. [Art. 136]
S. 14A : Disallowance of expenditure-Exempt income-No exempt income during the year-Deletion of addition is justified. [R. 8D]
S. 11 : Property held for charitable purposes-Charitable purposes-Business activity-Amendment makes it necessary to ascertain if activities are for earning profit or for purposes of charitable institution-Ascertainment of facts could not be made in writ proceedings-Writ petition was dismissed. [S. 2(15) Art. 226]
S. 11 : Property held for charitable purposes-Charitable purpose-Purpose of securing and assisting rapid and orderly establishment and organization of industrial areas and industrial estates in the State-Proviso not attracted-Entitle for exemption. [S. 2(15), 12, 13(8)]
S. 11 : Property held for charitable purposes-Charitable Purpose-School-Income from newspapers, which included advertisement revenue and surplus-Matter remanded for fresh consideration of nature of receipts and whether they qualified for exemption. [S. 2(15)]
Expenditure Tax Act, 1987
S. 2(6): Hotel – Dual occupancy room in Hotels — Expenditure-Tax chargeable where room charges “Per Individual” Less than Rs. 1,200 — Exemption not allowable .[ S. 2(8),2(10) , 3 , 4(a) , Art 136 ]
Direct Tax Vivad Se Vishwas Scheme, 2020
S.4: Filing of declaration and particulars to be furnished — Delay in filing appeal – Delay of 958 days was condoned – Delay was condoned – Directed to accept the declaration filed by the assessee. [ S 2(1)(a) ITACT , S. 250, 260A ]