S. 206AA : Requirement to furnish Permanent Account Number-Double taxation avoidance agreement-Rate of tax deductible will be 10 % instead 20%. [S. 90, 195]
S. 206AA : Requirement to furnish Permanent Account Number-Double taxation avoidance agreement-Rate of tax deductible will be 10 % instead 20%. [S. 90, 195]
S. 37(1) : Business expenditure-Ad-hoc addition-Books of account not rejected-Addition is held to be not valid.
S. 14A : Disallowance of expenditure-Exempt income-Investments in Indian companies which did not yielded exempt dividend income-Excluded while computing disallowance. [R. 8D(2)(iii)]
Wealth-Tax Act , 1956
S.27A: Appeal -High Court – Monetary Limit — Applicable to wealth tax Appeals . [ S. 2(e ), IT Act , S.260A ]
Wealth-Tax Act , 1956
S. 2(e ) (a) : Asset — Urban land — Urban land on which construction has been prohibited — Not an asset for purposes of wealth -Tax .[ S.16(3) ]
S. 14A : Disallowance of expenditure-Exempt income-Only investments yielding exempt income during year to be considered for computing average value of investments. [R. 8D]
Wealth -tax Act, 1957
S. 21AA: Assessment – Association of persons – Members’ Club — No business or profession carried on by social members’ Club- Surplus assets to be divided equally amongst members — Members’ shares determinate at that date —Club not chargeable to Wealth-Tax. [ S.2(31) 3(1) ]
Black Money (Undisclosed Foreign Income And Assets) And Imposition Of Tax Act, 2015,
S.53 : Punishment for abetment – Tax evasion —Bogus bills – Statement on oath — Petitioner appearing before authorities and co-operating in investigation and making admissions — Directions to authorities to recall look out circular ,in name of petitioner [Income -tax Act , 1961 , S 131(IA ) 133A ,Art , 226 ]
Black Money (Undisclosed Foreign Income And Assets) And Imposition Of Tax Act, 2015
S.42 : Penalty for failure to furnish return relation to foreign income and asset -Black Money — Failure to file return -Alternative remedy – Court under writ jurisdiction cannot exercise the role of an appellate authority defined under the Black Money Act to deal with the controversy if brought into motion. [ S.3 , 10 ,11 , Income -tax Act , 1961 ,139(5) , Art , 226 ]
Black Money (Undisclosed Foreign Income and Assets) and Imposition of tax Act, 2015
S.10(1): Assessment – Penalty – Taking an overall view of the matter, the respondents could proceed pursuant to the notices dated December 20, 2017. However, no coercive measures could be taken against the assessees if the occasion so arose. [ S. 4(3), 59, Income -tax Act , 1961 S.131 ,148 ]