Wealth -tax Act , 1957 .
S. 2(ea) : Asset- Lack of evidence to support the land being vacant as of the cut-off date and evidence to the contrary, issue set aside to the file of AO for verification, whether the particular asset can be brought to tax under the Wealth Tax Act [ S. 16(3)]
Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
S. 2(11): Asset located outside India -b Beneficial interest – Notice issued to assessee and order passed making addition on account of amount received in bank account where assessee is allegedly beneficial owner-Assessee not liable to be taxed. [ S. 5, 10(3) Companies Act, 2013 , S. 89(10), 90 (1)]
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Order passed without providing adequate opportunity to the assessee was held to be not valid-Revision order which was affirmed by the Tribunal was set aside-directed the Commissioner to pass the order in conformity with the provisions of the Act. [S. 254(1)]
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Search and seizure-Undisclosed investment-Excess stock assessed as business income-Possible view-Revision order held to be not justified. [S. 69, 115BBE, 132, 153D, 260A]
Black Money (Undisclosed Foreign income and Assets ) and imposition of tax Act, 2015
Black Money (Undisclosed Foreign income and Assets ) and imposition of tax Act, 2015
S. 2(11): Undisclosed asset located outside India – Applicability of the Statute – Accounts not in existence at the Black Money Act, 2015 came into force – The new legislation operates for those accounts and assets too.- Bank account in whatever way its is described is an asset in sense that it gives ownership credit balance ,in books of bank in that account – Undisclosed foreign bank account per se can indeed be treated as an asset – Interest leviable .-DTAA -India -Singapore Bank account in whatever way its is described is an asset in sense that it gives ownership credit balance ,in books of bank in that account – Undisclosed foreign bank account per se can indeed be treated as an asset – Interest leviable .-DTAA -India -Singapore. [ [S. 2(15),5(1)(i), 5(1)(ii)),8(b), 10(1),40(1), 40(2), BMR. 3(e), 3(2), ITACT , 1961 , S. 132,132(4), 133A, 139(1)), 234A,, 234B , 234C ] [
Direct Tax Vivad Se Vishwas Act, 2020
S. 4 : Filing of declaration and particulars to be furnished S. 4 : Filing of declaration and particulars to be furnished – Time limits – Appellant -Disputed tax – Dismissal of appeal by Commissioner (Appeals ) as time barred – Tribunal condoning the delay – Declaration was held to be valid- Respondents were directed to accept the revised declaration filed by the petitioner . [ S.2 (1)(a)(i), 2(1) (j)( B) , ITA, S. 246A, Art , 226 ]
The Direct Tax Vivad Se Vishwas Act, 2020.
S.3: Amount payable by declarant – Search cases – Enhanced rate of tax – Assessment – Income of any other person – No evidence that assessee was involved in alleged bogus transaction – Enhanced rate of tax could not be levied . [ S.4,5 ]
Direct Tax Vivad Se Vishwas Act, 2020
S. 2(b): Appellate forum- Tribunal remanded the matter – Pendency of appeal before CIT (A) on specified date – Rejection of order is held to be unsustainable [ S.246A, 253, Art, 226 ]
Direct Tax Vivad Se Vishwas Act, 2020
S. 2(b): Appellate forum- Disputed Tax—Pendency of appeal — Declaration cannot be rejected on ground that assessee had offered an amount for taxation – The rejection of the declaration under the 2020 Act was not valid. [ S. 2 (j) ]
Wealth Tax Act, 1957
S.17 : Wealth escaping assessment – Reassessment — Concealment of assets or furnishing of inaccurate particulars — Penalty —Provisions in pari materia with provisions of Income-Tax Act, 1961 —Law laid down by Supreme Court in Income-tax Matter is applicable to wealth tax proceedings – Natter remanded to pass speaking order . [ S.17(1), 18(1)(c), ITAct , S.147, Art , 226 ]