Black Money [Undisclosed Foreign Income and Assets] and Imposition of Tax Act, 2015
S.10: Assessment – AO must issue notice within thirty days from the end of the financial year in which he became aware of the foreign assets. If issued beyond 30 days, it must be with prior approval by the Pr. DIT or Pr. CIT [ S. 11(1) ]
S. 199 : Deduction at source – clubbing of income -Credit for tax deducted -Non -furnishing of the declaration by the deductee to the deductor – Credit for deduction of tax at source cannot be denied [ S. 64 , Rule 37BA(2) Form 26AS ]
S. 154 : Rectification of mistake -Mistake apparent from the record -Credit for TCS -Rule applicable to TDS should also be applicable TCS- Denial of claim for TCS is not valid [ S. 199, Rule , 37BA(2)(i) ]
S. 115JC : Special provisions for payment of tax by certain persons other than a company- Provisions are applicable to projects approved before the introduction of the section . [ S.80OB(10) ]
S. 68 : Cash credits – Non -Resident – Foreign bank accounts – Mentioning wrong status in the return – Once the assessee is non-resident the income or deposit in the foreign bank account cannot be taxed in India – Addition was deleted . [ S. 6(1), 56(2)(v) , 153A]
S. 264 :Commissioner – Revision of other orders – Interest received in income tax refund – Amount taxed twice – Revision power is not limited to correcting any errors committed by the tax authorities but also extended to errors committed by the assessee- Order of Commissioner was set aside . [ S, 56, 148, 246A , Direct Tax Vivad Se Vishwas Act , 2020 Art , 226 ]
S. 148 : Reassessment –Notice – After the expiry of four years –
Time limit for notice – Sanction for issue of notice – Approval was obtained from Additional Commissioner of Income -tax Instead of Principal Chief Commissioner of Income tax – Order is bad in law and quashed . [ S. 147, 149(b) 151(1)(ii) , Taxation and other laws ( Relaxation and Amendment of certain Provisions ) Act , 2020, Art , 226 ]
S. 45 : Capital gains – Long term capital gains – Unaccounted income –Purchases accepted as genuine – Shares were traded on stock exchange after paying securities transaction tax and money had been received through banking channels – Capital gains cannot be assessed as bogus long term capital gains- Deletion of addition by the Tribunal is affirmed [ S. 10(38) 133A 260A ]
S. 10(38) : Long term capital gains from equities – Sale of shares – Securities transactions tax was paid – Mere presumptions and suspicion – Exemption cannot be denied [ S. 45 ]
S. 10(2A) : Share income of partner – Details of partners with their PAN copy of returns of firm with computation of income was furnished – Partner entitled to exemption .