S. 11 : Property held for charitable purposes – Investment of surplus fund in chit fund – Denial of exemption is held to be justified [ S. 2(15) ,11(5) ]
S. 11 : Property held for charitable purposes – Investment of surplus fund in chit fund – Denial of exemption is held to be justified [ S. 2(15) ,11(5) ]
S. 11 : Property held for charitable purposes – Cancellation of registration was set aside by the Appellate Tribunal- Denial of exemption was set aside .[ S.12A ]
S. 10AA : Special economic zones – Free trade zone- Not having exhausted deduction under S. 10A for ten consecutive assessment years on date of introduction of S. 10AA , entitled for additional period of deduction for five years as is allowed to SEZ units . [ S.10A ]
S. 10A : Free trade zone – Total turnover – While computing deduction expenditures excluded from export turnover were also to be excluded from total turnover.
S. 10(13A) : House rent allowance – Performance bonus does not form part of ‘salary’ as defined in clause (h) of Rule 2A for purpose of computing exemption [ S.15 ]
S. 10(10D) : Life insurance policy – Keyman insurance policy – Assignment of policy – Amendment brought in by Finance Act 2013 in Explanation 1 to section 10 (10D) is prospective in nature and it shall only apply to keyman insurance policy assigned after 1-4-2014 – policy assigned in hands of assessee in year 2013 would continue to be an ordinary policy and sum received by her on maturity would not be taxable – Revision of order is held to be not valid [ S.263 ]
S. 276C : Offences and prosecutions – Wilful attempt to evade tax – Penalty deleted – Launching of prosecution is held to be not valid [ S.277 ]
S. 276C : Offences and prosecutions – Wilful attempt to evade tax –
Look-out circular — Application for withdrawal of look out circular and permission to travel abroad —Non-co-operation in investigation proceedings — Apprehension that assessee might flee India — Permission to travel abroad cannot be granted.[ Code Of Criminal Procedure, 1973, S.482 Art .226 ]
S. 276 : Offences and prosecutions – Concealment – Appeal against assessment pending before appellate authority -Criminal proceedings to be kept in abeyance till decision by appellate authority . [ S.276(1), Art , 226, 227 ]
S. 263 : Commissioner – Revision of orders prejudicial to revenue – Revaluation of land and building -Capital gains on sale of land- Two possible views – Revision is held to be bad in law [ S.45 ]