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 ]
S. 271AAA : Penalty – Search initiated on or after 1st June, 2007 – Undisclosed income and specifies manner in which such income derived- Failure of the raiding party to elicit a response from assessee regarding manner of deriving income- Deletion of penalty by the Tribunal is held to be valid . [ S.132 (4) , 271AAA(2) ]
S. 92CA :Reference to transfer pricing officer -International Transactions — Transactions with Associated Enterprises —Arm’s Length Price — Management fees- Order of Tribunal is affirmed .[ S.92C, 260A ]
S. 69 :Unexplained investments – Capital gains- Sale of property – Stamp valuation-Legal fiction cannot be invoked to make addition – Merely on the basis of stamp valuation addition cannot be made .[ S.45 , 50C , 69B ,263 . ]
The Direct Tax Vivad Se Vishwas Act, 2020.
S.4: Filing of declaration and particulars to be furnished -Settlement of Disputes — The Designated Authority cannot reject the declaration filed under section 4(1) of the DTVSV Act, when the declarant’s case does not fall under section 4(6) and in any of the disqualifications mentioned in section 9 of the said Act. [S. 4(1), 4(6) ,9, ITAct , S. 264 , Art , 226 ]
S. 271(1)(c) : Penalty-Concealment-Disallowance of professional fees and interest on borrowed capital-Levy of concealment penalty is held to be not valid. [S. 36(1)(iii), 37 (1)]
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Revised return-Substitution of sub-section (5) of section 139 vide Finance Act, 2016 which came into force from 1-4-2017 is prospective in nature-Revision is held to be valid. [S. 139(4), 139 (5)]
S. 251 : Appeal-Commissioner (Appeals)-Powers-Additional evidence-Cash credits-No opportunity was given to the AO-Rule 46A is violated. [S. 68, R.46A]