Direct Tax Vivad Se Vishwas Act, 2020 (2020) 422 ITR 121 (St)
S.2(1)(a) : Appellant – Declarant – Pendency of appeal – Physically and digital mode – No difference between appeal admitted physical and digital mode – Rejection is not valid .[ ITAct, 1961 , S. 254(2), Art . 226 ]
Black Money (Undisclosed Foreign Income And Assets) And Imposition Of Tax Act, 2015 .
S. 10(1): Undisclosed Foreign Assets — Evasion of tax — Look-out circular banning travel — Pendency of appeal – The look-out circular shall stand modified to an intimation in terms of clause 6(I) of the Office Memorandum of 2021, which states that in cases where there is no cognizable offence under the Indian Penal Code and other penal laws ; the look-out circular subject cannot be detained or arrested or prevented from leaving the country-The originating agency can only request that they be informed about the arrival and departure of the subject in such cases. [ S. 10(3), 41 , ITAct , 131(IA) 133A 153A , Art. 226
Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
S. 43:Penalty for failure to furnish return of income an information or furnish inaugurate particulars of an asset ( Including financial interest in any entity ) outside India -Did not disclose foreign asset in ITR Schedule FA, order of Commissioner (Appeals) confirming levy of penalty under section 43 of Black Money Act is affirmed . [ ITAct, S.139 ]
S. 10 (23C): Educational institution-University or educational institution must exist solely for educational purposes and not for purpose of profit each year-Earning royalties from publications-Not existing solely for education but for profit-Not entitled to exemption. [S.10(23C)(vi) 10A,10B, 80IB]
S. 271D : Penalty-Takes or accepts any loan or deposit-Sale of immovable property to agriculturist from small village-Banking facilities not available-Reasonable cause-Levy of penalty is deleted. [S. 273B]
S: 143(3) : Assessment-Bogus purchases-Inventory and Closing stock not disputed-Addition is deleted. [S. 132(4), 147, 148, 153A]
S. 11 : Property held for charitable purposes-Form No 10B-Audit report-Delay condoned by CIT(E)-Denial of exemption is not justified-Return filed under section 139(4)-Exemption cannot be denied-Provisions of section 13(9) would attract only when assessee claims benefit of section 11(2) and its scope would not extend to other sub-sections of section 11. [S. 12A (1)(ba), 13(9), 139(1), 139 (4),13(9), Form No.10B]
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Share premium-The AO conducting specific enquiries relating to receipt of share premium-Determining fair market value basis the net asset method-Order not erroneous and prejudicial to revenue warranting revision.[S. 56(2)(viib)]
S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Allegation in respect of inadmissible expense claimed not stated in initial show-cause notice-Show-Cause notice and subsequent order is invalid.[S. 147,148 148A(b), 148A(d), Art. 226]
Black Money (Undisclosed Foreign Income and Assets ) and Imposition of Act , 2015 .
S. 43:Penalty for failure to furnish return of income an information or furnish inaugurate particulars of an asset ( Including financial interest in any entity ) outside India – Asset was not disclosed in Schedule FA – Disclosed in Schedule Part A-85 – Bonafide mistake – When there is no defiance of law or malafide or dishonest breach – Levy of penalty was not justified – Penalty was cancelled . [ S.10]