S. 15 : Salaries – Business income – Commission – Commission from employer is liable to be taxed as business income – TDS was deducted as salary – Matter remanded to the AO to verify the expenses incurred for earning of commission income . [ S.28 (i)]
S. 14A : Disallowance of expenditure – Exempt income – Maintaining separate books of account – Matter remanded to CIT (A) [ R.8D ]
S. 12AA : Procedure for registration –Trust or institution- Charitable purpose -Profit motive – Providing asylum/shelter to cows and maintaining gaushalas and famine relief centres to provide proper treatment and fodder to needy stray cows- Cancellation of registration is held to be not valid [ S.2(15) 11, 12A ]
S. 11 : Property held for charitable purposes – Investment of surplus fund in chit fund – Denial of exemption is held to be justified [ S. 2(15) ,11(5) ]
S. 11 : Property held for charitable purposes – Cancellation of registration was set aside by the Appellate Tribunal- Denial of exemption was set aside .[ S.12A ]
S. 10AA : Special economic zones – Free trade zone- Not having exhausted deduction under S. 10A for ten consecutive assessment years on date of introduction of S. 10AA , entitled for additional period of deduction for five years as is allowed to SEZ units . [ S.10A ]
S. 10A : Free trade zone – Total turnover – While computing deduction expenditures excluded from export turnover were also to be excluded from total turnover.
S. 10(13A) : House rent allowance – Performance bonus does not form part of ‘salary’ as defined in clause (h) of Rule 2A for purpose of computing exemption [ S.15 ]
S. 10(10D) : Life insurance policy – Keyman insurance policy – Assignment of policy – Amendment brought in by Finance Act 2013 in Explanation 1 to section 10 (10D) is prospective in nature and it shall only apply to keyman insurance policy assigned after 1-4-2014 – policy assigned in hands of assessee in year 2013 would continue to be an ordinary policy and sum received by her on maturity would not be taxable – Revision of order is held to be not valid [ S.263 ]
S. 276C : Offences and prosecutions – Wilful attempt to evade tax – Penalty deleted – Launching of prosecution is held to be not valid [ S.277 ]