Black Money ( Undisclosed Foreign Income and Assets ) and Imposition of Tax Act , 2015 )
S.43: Penalty for failure to furnish in return of income, information or furnish inaccurate particulars about an asset ( including financial interest in any entity ) located outside India – Foreign insurance policy was not declared in the return- Bonafide mistake – Levy of the penalty of Rs 10 lakhs was deleted. [ S.10(3), Income -tax Act , 1961 , 139 ]
Expenditure Tax Act, 1987
S. 2(6): Hotel – Dual occupancy room in Hotels — Expenditure-Tax chargeable where room charges “Per Individual” Less than Rs. 1,200 — Exemption not allowable .[ S. 2(8),2(10) , 3 , 4(a) , Art 136 ]
Direct Tax Vivad Se Vishwas Scheme, 2020
S.4: Filing of declaration and particulars to be furnished — Delay in filing appeal – Delay of 958 days was condoned – Delay was condoned – Directed to accept the declaration filed by the assessee. [ S 2(1)(a) ITACT , S. 250, 260A ]
Black Money ( Undisclosed Foreign Income & Assets) and Imposition of Tax Act , 2015.
S. 10:Assessment – Notice issued based on information received from IT authorities – Order passed under IT Act based on same information was earlier set-aside by the Tribunal on the ground of non-application of mind – Notice issued under BMA was quashed. [ S. 132 153A , Art , 226 ]
S. 54 : Capital gains-Profit on sale of property used for residence-Property purchased in the name of married daughter-Exemption from capital gains tax is not available. [S. 45]
S. 50C : Capital gains-Full value of consideration-Stamp valuation-Option deposit-Option agreement for sale of twenty (20) flats in its residential project with its group entity-Addition on sale of those flats to third parties to sales value declared were unjustified. [S. 28(i)]
S. 48 : Capital gains-Computation-Debentures of company-Bonus debentures-Reinvested-Reinvested out of dividend would be considered as cost of acquisition of debentures. [S. 2(22)]
S. 37(1) : Business expenditure-Fees-ROC-Capital or revenue-Debt restructuring-Increase in authorised capital and annual remuneration paid to monitoring institution under CDR-Allowable as revenue expenditure.
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) ]
Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
S.10: Assessment – Denial of liability – Foreign assets claimed to be acquired out of income not taxable in India – Income not taxable in India – Alternative remedy – Writ is not maintainable- Directed to pursue alternative remedy of appeal . [ S.14, 15, Art , 226 ]