S. 14A : Disallowance of expenditure – Exempt income – Notional expenditure on earning dividends cannot be disallowed when there is no expenditure is incurred – Rule 8D cannot be applied to any assessment year prior to assessment year 2008 -09 [ R.8D ]
S. 14A : Disallowance of expenditure – Exempt income – No disallowance if exemption has not been claimed.[ R.8D ]
S. 10A : Free trade zone – Export oriented undertakings – Remission or cessation of trading liability – Profits derived from export- Reversal of the entry with regard to the stock option given to the employees was in the nature of export income- Entitled to exemption. [ S.10B , 41(1) ]
S. 10(17A) : Awards and rewards in cash or kind – Award for meritorious service in Public Interest —Approval of State Government or Central Government is not mandatory – Approval is implied .
S. 10(15) :Interest payable- Interest on Foreign currency loan Specified securities – Loan utilised for repayment of domestic loan taken towards working capital- Exemption cannot be denied . S.10(15)(iv)(f)
S. 4 : Charge of income-tax – Interest- Surplus of Government grant- Interest earned -Not assessable as income .[ S.2(24) (i) ]
S. 4 : Charge of income-tax – Interest- Surplus of Government grant- Interest earned -Not assessable as income .[ S.2(24) (i) ]
Benami Transactions (Prohibition) Amendment Act, 2016.
S.2(9) (a): Benami – No Procedure For Declaring Property Benami under Act of 1988 — Amendment Act not made retrospective — Prosecution in respect of Transaction In 2011 is held to be not valid [ Benami Transactions (Prohibition) Act, 1988, 3 , 5 , 8, General Clauses Act, 1897 S.6 (c ) ]
S. 276C : Offences and prosecutions – Wilful attempt to evade tax – The pendency of assessment proceedings cannot act as a bar to institution of prosecution – Framing the charge is held to be valid [ S .(2(16) 116 , 277 , 279 Constitution of India , Art , 13 Code of Criminal Procedure, 1973, S.245(2), Indian Penal Code , 1860 , S 120B , 193, 199 ]
.
S. 271(1)(c) : Penalty – Concealment – Inadvertent error- Failure to disallow the unpaid interest – Levy of penalty is held to be not justified .[ S.43B( e ) ]