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 ]
Wealth-Tax Act, 1957
S. 7 : Value of assets – Assets seized – Possession of revenue Authorities — Value of assets cannot be included in net wealth- The court directed that the Department shall forthwith release 85,617 grams of gold, jewellery, cash and other valuable articles as per the panchanama and hand it over to the petitioners being the legal heirs of the assessee [ S.7(1) , ITAct , S.132 ]
The Direct Tax Vivad Se Vishwas Act, 2020.
S. 4 : Filing of declaration and particulars to be furnished – Appeal with drawn as dismissed – Liberty is given to restore appeal in event ultimate decision to be taken on declaration filed was in favour of assessee. [ S.260A ]
Direct Tax Vivad Se Vishwas Act, 2020
S. 4: Filing of declaration and particulars to be furnished – Liberty is given to restore the appeal . [ S.28(va), 260A ]
S. 12AA : Procedure for registration-Trust or institution-Failure to furnish date of registration-Instrument of amendment of Bye-Laws with effect from 14-6-2009 submitted subsequently-Rectification and amendments made to the bye-laws of the society would only operate prospectively-Registration could not be granted with retrospective effect.
Securities Transaction Tax (STT) Finance (No. 2) Act, 2004
S. 105 :Penalty for failure to collect or pay securities transaction tax – Penalty not to be imposed inn certain cases – No penalty shall be imposed on assessee for having failed to collect Securities Transaction Tax (STT) or having collected, failed to pay such STT to credit of Central Government without providing it a reasonable opportunity to prove that there was reasonable cause for such failure [ S.108 ]
Securities Transaction Tax (STT) Finance (No. 2) Act, 2004
S. 105 :Penalty for failure to collect or pay securities transaction tax – Penalty not to be imposed inn certain cases – No penalty shall be imposed on assessee for having failed to collect Securities Transaction Tax (STT) or having collected, failed to pay such STT to credit of Central Government without providing it a reasonable opportunity to prove that there was reasonable cause for such failure [ S.108 ]