S. 263 : Commissioner-Revision of orders prejudicial to revenue-All details were on record-Payment of remuneration to managing trustee of major philanthropic trust was accepted in earlier years-Investment in shares by assessee-trust had been accepted as part of corpus of trust for over four decades by department and CBDT had also accepted same while notifying assessee-trust under section 10(23C)-Revision is held to be not valid. [S. 10(23C), 11, 13(2)]
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Investment in shares has been accepted as part of corpus over four decades-Interest income qualified for exemption-Assessing Officer has adopted ab course permissible in law-Revision is held to be not valid. [S. 11(5), 13(1)(d), 13(2)(h), 13(3)]
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Bad debts-Claim was allowed without verification-Revision is held to be justified. [S. 36(1)(vii)]
S. 254(2) : Appellate Tribunal-Rectification of mistake apparent from the record-Delay in filing miscellaneous application-Ex parte order-ill health-Delay was condoned. [ITAT R. 24]
S. 254(2) : Appellate Tribunal-Rectification of mistake apparent from the record-Transfer pricing-Arm’s length price-Most appropriate method-Application to Tribunal to direct the TPO to adopt a specific method was rejected. [S. 254(1), 92C]
S. 251 : Appeal-Commissioner (Appeals)-Powers-Jurisdiction-Direction of DGIT not to pass the during pendency of explanation-Order passed without following the direction and jurisdiction was set aside. [S. 120, 246A]
S. 206AA : Requirement to furnish Permanent Account Number-Double taxation agreement-Provision of 206AA does not override the provision of double taxation agreement-Tax deducted as per the provision of DTAA is held to be valid-DTAA-India-Czech Republic. [S. 90, Art. 12]
S. 194J : Deduction at source-Fees for professional or technical services-Transaction fee paid to stock exchange-Not liable to deduct tax at source.
S. 194IA : Deduction at source-Immoveable property-Joint development agreement-Interest free deposit-No transfer of property-Not liable to deduct tax at source. [S. 2(47)(v), 201, 201A, 203A, Transfer of Property Act, 1882, S. 53A]
S. 194I : Deduction at source-Rent-VSAT and lease line charges to stock exchange-Not liable to deduct tax at source.