Wealth-Tax Act , 1957
S. 17 : Reassessment — Tangible material-Assessment cannot be reopened for redetermination of value based on subsequent sale of property — Reassessment unsustainable- Existence of alternative remedy — Not bar to writ. Art , 226 ]
Black Money ( Undisclosed Foreign Income & Assets) and Imposition of Tax Act , 2015.
S. 43: Penalty for failure to furnish return of income an information , or furnish inaccurate particulars about an asset (including interest in any entity )located outside India- Foreign Bank Account – Signatory for late Mother-Amount was donated to the Charity –Not beneficial owner – Mere no disclosure is not valid ground for levy of penalty – Deletion of penalty was affirmed . [ S.10(3), Income -tax Act , 1961 132(4) 139 , 153A]
Wealth tax Act, 1957.
S. 2(ea): Asset – Land under acquisition by Government – Not includible .
Wealth tax Act, 1957.
S. 2(e)(a): Assets – Stock in trade -Entries in books of account not relevant to decide nature of asset –Lands held as stock in trade – Not liable to be assessed as assets liable to be wealth -tax Act . [ S. 17 ]
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 ]