S. 11 : Property held for charitable purposes-Trust entitled carry forward deficit of current year and to set it off against income of subsequent years. [S. 11((1)(a), 12A]
S. 11 : Property held for charitable purposes-Trust entitled carry forward deficit of current year and to set it off against income of subsequent years. [S. 11((1)(a), 12A]
S. 11 : Property held for charitable purpose-A Statutory body established for acquisition of land for Industrial Infrastructure- Operating on non profit basis-Entitle to exemption. [S. 2(15), 32]
S. 10AA : Special economic zones-Trading covered by Services under Special Economic Zones Act, 2005-Entitle to deduction-Special Economic Zones Act, 2005 has overriding effect over provisions contained in any other Act. [Special Economic Zones Act, 2005, S. 2(z), 51]
S. 254(2A): Appellate Tribunal –Stay- Any order of stay shall stand vacated after the expiry of the period or periods mentioned in the Section only if the delay in disposing of the appeal is attributable to the assessee.[ Art . 14 ]
S.153D:ASSESSMENT – SEARCH -APPROVAL – APPROVAL HAS TO BE GIVEN EACH ASSESSMENT YEAR BY PROPER APPLICATION OF MIND – MECHANICAL APPROVAL IS HELD TO BE BAD IN LAW . [ S.132
S. 17(2:PERQUISITE – ESOP BENEFITS GRANTED TO AN ASSESSEE WHEN HE WAS RESIDENT AND IN CONSIDERATION FOR SERVICES RENDERED IN INDIA IS TAXABLE EVEN THOUGH THE ASSESSEE IS A NON-RESIDENT IN THE YEAR OF EXERCISE- DTAA -INDIA – UAE [ S.15 , ART .15 ]
S. 153A : Assessment – Search-Assessment on the basis of alleged incriminating material (being the statement recorded under 132(4) of the Act) is not valid. The Assessee also had no opportunity to cross-examine the said witness [ S. 132 , 153C ]
S. 271AAB : Penalty – Search -Undisclosed income –Levy of penalty not mandatory – Opportunity of hearing must be given – No assessment required for initiation of penalty- Since, the assessee has neither made any surrender of any undisclosed income during the search action nor the penalty has been initiated on the basis of undisclosed income found during such search action, the appeal of the assessee stands allowed- Levy of penalty deleted [ S. 132 ]
S. 90: Foreign tax Credit – Not allowed as refund – Deduction of taxes paid – Allowed in computation -DTAA- [S. 28(1), 37(1), 91; Art, 24]
S. 195 :Deduction at source – Non-resident – Other sums – Amount received for supply of software – Not liable to deduct tax at source
DTAA -India [ Art , 12 , 9 (1)(vi), Art, 12 ]