S. 11 : Property held for charitable purposes-Failure to file Form No 9A along with the return-Filed later on-Denial of exemption is not justified. [S.11(2)(ii), 139, Form No 9A]
S. 11 : Property held for charitable purposes-Failure to file Form No 9A along with the return-Filed later on-Denial of exemption is not justified. [S.11(2)(ii), 139, Form No 9A]
S.80IA: Industrial undertakings-Enterprises engaged in infrastructure development-Captive power plant-Supply of power to own unit-Sale of small portion to State grid corporation-Rate to be adopted-Market value-Rate at which State Electricity Board supplies to industrial consumers. [S.80IA(8)]
S. 68 : Cash credits-Share capital-Identity of investors and source of income established-Deletion of addition is affirmed.[S. 260A]
S. 148A: Reassessment-Conducting inquiry, providing opportunity before issue of notice-Limitation-Notice issued on 27-5-2022 under section 148A(b) was not in continuation of reopening notice under section 148 dated 30-6-2021-Reopening assessment for assessment year 2015-16, is in contravention of first proviso to section 149(1) and is barred by limitation.[S. 148, 148A(b), 148A(d), 149(1)(b), Art. 226]
Direct Tax Vivad Se Vishwas Act, 2020
S.4: Filing of declaration and particulars to be furnished – Amount payable by declarant – Eligible assessee- Pendency of appeal – Rejection of declaration- Appeal filed by the assessee in the year 2015 was not pending as on 31st Jan., 2020—Order passed by the Tribunal recalling the order – Appeal of the assessee has to be considered as pending as on 31st Jan., 2020 which is the specified date as per the VSV Act— Order of rejection is quashed . [S. 3 , 5(2), ITAct , S. 254(1), Art. 226 ]
Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 .
S. 2(11):Undisclosed asset located outside India – Assessment -Black Money — Income from undisclosed sources —Investments in UK-based trusts — Only source of information Department’s common reporting standard information showing account balances in trusts and recitals in trust deed — Investment in trust represented immovable property sourced through bank loan —Balance in other trust owned up and explained by assessee’s Non-resident son – Addition is deleted . [ 10(3), ITAct , S. 139, Explan 4, The Foreign Exchange Management Act, 1999 , S.16 ]
S. 54 : Capital gains-Profit on sale of property used for residence-Incomplete investment-Matter is remanded back to Assessing Officer for de novo adjudication.
Direct Tax Vivad Se Vishwas Act, 2020
S. 3:Amount payable by declarant – Time and manner of payment – Determined tax payable within 15 days of receipt of Form -3 – Requirement of paying an additional amount was informed to assessee only by communication dated 1-4-2022, long after extended date of 31-10-2021- Assessee should not have been denied benefits under DTVSV Act. [ S. 5 , Form No1 , Form No 3, Form No 4, Art. 226 [
S. 220 : Collection and recovery-Assessee deemed in default-Pendency of appeal before CIT(A)-Failure to deposit 20 per cent of outstanding demand-Application for stay of demand could be considered without a 20 per cent pre deposit, matter required to be remitted to Assessing Officer for considering stay application bearing in mind legal principles-Matter remanded. [S. 250, Art. 226]
Direct Tax Vivad se Vishwas Act, 2020 .
S. 9 : Act not to apply in certain cases – Tax arrear-Prosecution has been instituted on or before the date of filing of declaration – Prosecution has to be in respect of tax arrear which is relatable to an assessment year – Directed the authorities to decide the declaration in conformity with the DTVSV Act- SLP of Revenue is dismissed . [S. 2(1)(o), 9(a) (ii), S. 276C(2), 278B, Art. 226]