S. 90: Double taxation relief – Assessee – Company being a tax resident of Singapore is eligible to the benefits of India-Singapore tax treaty with respect to sale of shares in Indian subsidiary – LOB clause is not applicable as such sale was pursuant to genuine business restructuring and MNC’s activity of being an investment holding company is a bonafide business activity – Hence, no capital gains on sale of shares of Indian subsidiary by a Singapore holding investment company.

S. 80IA : Industrial undertakings – Infrastructure development – Scope of S/80IA(5) is limited to determine quantum of deduction under S/80IA(1) by treating ‘eligible business’ as ‘only source of income’ – However, S/80IA(5) cannot be read to limit the deduction only to business income. [ S80AB ]

S. 45 : Capital gains – Transfer – Power of attorney -Since all rights in the property, including constructive possession was handed over by the Assessee to purchaser the transaction has rightly been treated as sale or transfer u/s 2(47) of the Act by lower authorities, giving rise to capital gains. [ S. 2(47 )(v), 2 (47) (vi ) ]

S. 148 : Reassessment – Notice – Constitutional validity – The delegation authorized being only for the purpose of enlarging limitation under a valid law, such delegation could not be exercised to resurrect the provision of law that stood omitted from the statute book by virtue of its substitution made by the Finance Act, 2021, w.e.f. 01.04.2021-Reassessment notices issued under section 148 of the Act are quashed – It is left open to the assessing authority to initiate -re -assessment proceedings in accordance with the provisions of the Act, as amended by the Finance Act , 2021 after making due compliance as required under the law . [ S. 147, 148A, 149, 151 , 151A , 153,292 Relaxation of Certain Provisions) Act, 2020 , S.3(1) of the Act 38 of 2020, Art , 226 ]

S. 263 : Commissioner-Revision of orders prejudicial to revenue- eligibility of loss being carried forward-Issue which is beyond the scope of rectification-Commissioner cannot revise under section 263 of the Act. [S. 154]

S. 69 : Unexplained investments-Non-resident-On money-Foreign Resident cannot be taxed under section 69 of the Act-DTAA India -UAE. [S. 132(4), Art. 22]

S. 12A : Registration – Trust or institution – Held declining registration on the ground of Indian Premier League (IPL) activities are in the nature of commercial activities is held to be not justified . [S. 2(15), S. 12AA]

S. 268A : Appeal-Appellate Tribunal-Monetary tax effect-Less than Rs. 50 lakhs-Appeal is not maintainable. [S. 253]

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)]