Wealth tax- Act , 1957
S.7: Value of assets – Land – Valuation date – Land sold subsequently for which agreement was entered in to before valuation date – Justified in taking the value on the basis of sale value [ S. 2(q), 27A, Urban Land (Ceiling and Regulation ) Act 1976 ]
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 ]