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 ]
S. 5 : Scope of total income – Accrual of income – Advance on discounting of bills – Method of accounting – Not taxable as income of the relevant year [ S. 4, 145 ]
S. 4 : Filing of declaration and particulars to be furnished-Settlement of Disputes-Ex parte order set aside to the Tribunal-Assessee Bound By Undertaking Given To File Application Under Vivad Se Vishwas Scheme. [IT Act, S. 253, 254(1)
S. 271(1)(c) : Penalty-Concealment-Rejection of claim for deduction-Reduction of loss does not result in income-Penalty levied was deleted .Levy of penalty.