S. 14A : Disallowance of expenditure – Exempt income -Even suo motu disallowance made need to be restricted to the extent of exempt income [ R.8D ]

The Direct Tax Vivad se Vishwas Act, 2020

S. 9(a)) (ii)) : Act not to apply in certain cases – Tax arrear – Prosecution has been instituted on or before the date of filing of declaration- Wilful attempt to evade tax -Tax deduction at source – Prosecution – Q. 73 of CBDT Circular 21 of 2020 dated 4/12/2020 ( 2020) 429 ITR 1 (St ) would stand set aside and quashed. [ Art , 14, 226 ]

S. 11 : Property held for charitable purposes – School – Exemption – For delay in filing form Nom 10B denial of exemption is not justified – Petitioner is directed to file an application before the CBDT within a period of three weeks from today, and CBDT shall pass an appropriate order in terms of direction No.1 above within a period of four weeks from the date of receipt of such application with due intimation to the petitioner [ S. 2(15) , 12, 119 (2)(b) , Form No 10B , Art , 226]

Prohibition of Benami Property Transactions Act, 1988

S.4. Prohibition of the right to recover property held Benami – It was imperative for Single Judge to weigh evidence to conclusively decide that plaintiff could not succeed in their claim that defendant No. 1 was holding suit premises in a fiduciary capacity for benefit of family members. matter was to be remanded back [S. 3(b) 4(1) 4(3)(b), Order VII, Rule11 of the Code of Civil Procedure, 1908 ]

S. 263 : Commissioner – Revision of orders prejudicial to revenue -Transfer pricing -Failure to provide draft assessment order – Direction to pass fresh assessment order- -Void ab initio -Revision is held to be not valid . [ S.92CA, 144C ]

S.143(3): Assessment -Unexplained money –Alternative remedy is available – Writ is not maintainable . [ S.69A ,142(1), Art , 226 ]

S. 68 : Cash credits – Payments for purchases – Deletion of addition is held to be justified .

S. 54G : Capital gains – Shifting of industrial undertaking from urban area – Sale of magazine and as per scheme of Explosive Act, 1884 a magazine would be equivalent to a godown and qualify to be a place used for purpose of business of an industrial undertaking- Eligible to claim deduction on sale of godown in an urban area.[ S.45, Explosive Act, 1884 ]

S. 43A : Rate of exchange – Foreign currency – loan availed for acquisition of fixed assets- Depreciation is held to be allowable on such adjustment- No exempt income – No disallowance can be made [ S. 14A,32, R.8D ]

S. 12AA : Procedure for registration –Trust or institution- Charitable purpose – Imparting financial education/awareness to investor in field of investments- Rejection of registration is held to be not valid . [S. 2(15 ) , Companies Act , 1956 , S. 25 ]