S. 22 : Income from house property -Income from business – Letting out property –Business of letting or subletting of properties- Income assessable as income from house property – Rule of consistency should be applicable to tax proceedings .[ S. 24 , 28(i) ]
S. 12AB: Procedure for fresh registration – Denial of registration is justified if the trust had not complied with the applicable State law . [Form No .10AB , Rajasthan Public Trust Act , 1959 ]
S. 4 : Charge of income-tax – Notional income – Credited to profit and loss account – Accounting standard (Ind AS) – Cannot be assessed as real income .[ S. 143(1)(a), 154 ]
S. 276C : Offences and prosecutions-Wilful attempt to evade tax-Search-Revised return-Claims of deduction were not accepted-Would not amount to wilful evasion of tax.[S. 132,139(1), Code of Criminal Procedure, 1973, S. 482]
S. 272A : Penalty-Failure to answer questions-Sign statements-Furnish information-Penalty cannot be levied when the assessment is completed u/s 143(3)-Penalty is deleted.[S.272A(1)(d), 274]
S.271D: Penalty-Takes or accepts any loan or deposit-Cash received-Sale of rights in property-Property was registered in June 2016-Amendment is prospective-Specified sum explanation introduced with effect from 1-6.2015 [S. 269SS]
S. 270A:Penalty for under-reporting and misreporting of income-Charitable Trust-Depreciation on assets which are claimed as application of income-Bonfide error-Penalty is deleted.[S.270A(9)]
S. 270A : Penalty for under-reporting and misreporting of income-Not specifying the charge-Penalty levied for misreporting-Notice issued was under reporting of income-Levy of penalty is cancelled. [S. 274]
S. 270A : Penalty for under-reporting and misreporting of income-Excess depreciation claimed-Bona fide mistake-Penalty is deleted. [S. 139]
S. 270A:Penalty for under-reporting and misreporting of income-Rectification order-No penalty proceedings or any other proceedings can be initiated under the assessment order which stand merged in the rectification order.[S. 154, Art. 226]