S. 68 : Cash credits-Share capital-Identity of investors and source of income established-Deletion of addition is affirmed.[S. 260A]
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]
Direct Tax Vivad se Vishwas Act, 2020 .
S.4:Filing of declaration and particulars to be furnished Rectification of order — Allegation of false declaration- Determination of tax attained finality- Once certificate is issued by Designated Authority — Rectification notice is barred by limitation .[ S. 3, 4(6), 5 , ITAct , 154 , Art. 226, Form No 5 ]
Prevention of Corruption Act, 1988.
S. 13: Criminal misconduct by a public servant-A Government Servant-Prevention of corruption-Criminal misconduct-Offences and prosecution-Discharge of accused-Special bearer bonds-Unexplained investments-Assets acquired in the name of son-Trust-Separate entity-Proceedings under Income Tax Act which were sought to be relied upon were related to assessment of income of assessee and not related to source of income and allegation of disproportionate assets under Prevention of Corruption Act, thus, said orders could not be basis to abort criminal proceeding-Trial court is directed to complete the trial expeditiously. The Court is only required to consider judicially whether the material warrants the framing of charge without blindly accepting the decision of the prosecution. Appeal is dismissed. The Trial court is directed to complete the trial expeditiously [S. 13(1)(c), 13(2) IT Act, 1961,S 69, 254(1) Art. 136]