S. 45: Capital gains – Year of taxability – Capital gains rightly taxed in which sale deeds were executed in respect of transfer of undivided share of land in favour of nominees of the Developer- Directed the Assessing Officer to give effect to the orders passed by the Tribunal by modifying the orders for the assessment years 1999-2000 upto 2003-04. [ S. 2(47)(v), 147 ]
S. 32 : Depreciation – Cranes used in hiring business- Nomenclature in Motor Vehicle Act can not be test for allowability of depreciation – Entitle depreciation at 30% .
S. 2(35) : Principal officer – Burden is revenue to demonstrate that the assessee is key management personal – Notice served is held to be bad in law [ S. 2(35)(b) ]
Wealth -tax Act , 1957
S. 17 : Reassessment – Limitation – Matter remanded to wealth tax officer for verification [ S .18 (1)(c ) ]
S. 264 :Commissioner – Revision of other orders – Delay in flling the writ petition against revision order – No explanation was furnished – Writ petition was dismssed [ S. 154 , 271(1) (c ), Art , 226 ]
S. 260A : Appeal – High Court – Review –Low tax effect -Audit objection – Appeal decided as per CBDT Circular dt 8 -8 -2019- No error apparent on the face of the record Review petition was dismissed .[ S.268A]
S. 254(1) : Appellate Tribunal – Duties- Additional income offered -Confirming the levy of concealment penalty without giving an opportunity is held to be bad in law – Matter remanded to the Appellate Tribunal . [ S.271(1)(c)]
S. 254(1) : Appellate Tribunal – Duties- Charitable Trust – Computation of income -Commercial sense – Matter remanded [ S. 2(24), 2(45), 11 ]
S. 254(1) : Appellate Tribunal – Duties- Cryptic and suffers from the vice of non application of mind- Matter remanded to the Tribunal . [S.37 (1)]
S.225 :Collection and recovery -Stay of proceedings – Pendency of first appeal – Bank account cannot be attached without giving a reasonable opportunity of hearing – Attachment of bank account was set aside – Assessing Officer must objectively decide the application for stay considering that an appeal lies against his order – The matter must be considered from all its facets, balancing the interest of the assessee with the protection of the Revenue.- Directed to hear the stay application with in six weeks from the date of the order [ S. 226 , 250, Art . 226 ]