Interest-tax Act, 1974

S. 2(7) : Interest-Subsidy received from RBI-Export Credit-Subsidy Scheme-Not interest-Not chargeable to tax. [S. 4, 260A, Reserve Bank of India Act, 1934(2 of 1934) S.42(IB)]

Direct Tax Vivad Se Vishwas Act, 2020
S. 3: Amount payable by declarant-Belated amendment of appeal memo after filing declaration under DTVSV Scheme was inadmissible-Amount payable by declarant-Case was treated as non-search case, amount payable under DTVSV Scheme was to be calculated at 100 per cent and not 125 per cent. [S.10(38), 45 68, 132, 271(1)(c), CBDT Circular No. 21 of 2020, Art. 226]

Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015]
S. 43: Penalty-Failure to furnish in return of income, an information or furnish inaccurate particulars about an asset-Non-disclosure of foreign investment in Schedule FA-Investment held in assessee’s name only for administrative convenience and disclosed by husband-Penalty deleted-Order of Tribunal affirmed. [S.260A]

S. 278B: Offences and prosecutions-Companies-Liability of director-Part-time director-The criminal complaint against assessee was quashed and set aside. [S. 276C(2), 278B(2)]

S. 278B: Offences and prosecutions-Companies-Offences by firms-Impleadment of partners-Sessions Judge erred in allowing application for impleadment of partners; accordingly, order directing impleadment of partners was set aside. [The Code of Criminal Procedure, 1973, 319.]

S. 271(1)(c): Penalty-Concealment-Failure to record proper satisfaction regarding the applicable limb of the section-Penalty order invalid.[S. 10(23C)(vi)]

S. 271(1)(c): Penalty-Concealment-Bar of limitation for imposition-Pendency of quantum of appeal before Tribunal-Under section 275 as it stood prior to 1-4-2025, penalty order could not be passed during pendency of appeal against quantum assessment before ITAT; accordingly, ad-interim relief was granted restraining Revenue from taking any steps pursuant to penalty order. [S.254(1), 275(1)(a), Art. 226]

S. 271(1)(c) : Penalty-Concealment-Charitable trust-Bona fide claim of exemption under section 11-No concealment or furnishing of inaccurate particulars-Order of Tribunal set aside. [S. 11, 12A, 260A]

S. 271(1)(c): Penalty-Concealment-Validity of notice-Failure to specify charge-Notice invalid-Order of Tribunal affirmed. [S.260A]

S. 268A: Appeal-Instructions-Circulars-Monetary limits-Revenue could not rely upon the exception contained in Circular No. 5/2024 dated 15-3-2024 to justify prosecuting an appeal filed prior to that Circular. The appeal was disposed of as the tax effect was below the prescribed monetary limit of 2 crores. [S.260A]