S. 9(1)(i): Income deemed to accrue or arise in India – Business connection -Non-Resident —Permanent Establishment — Telecasting Sports Events – Principal to principal basis – Income earned not assessable in India — DTAA -India – Mauritius [ Art .5 ]
S. 2(22)(e):Dividend – Deemed dividend-Money lending formed substantial part of business – Loan not assessable as deemed dividend .
S.2(14)(iii): Capital asset-Agricultural land-Land in Village within Municipality — Village having population less than specified ten thousand — Land was agricultural — Profits from sale of land is exempt [ S .2(14)(iii) (a), 10(1),45 ]
S. 271(1)(c) : Penalty – Concealment- — Furnishing inaccurate particulars of income — Sufficient interest-free funds available with Assessee — Interest expenses not disallowable – Mere wrong claim does not tantamount to furnishing of inaccurate particulars of income or concealment of income — Penalty not leviable in such cases.
S.234E : Fee – Default in furnishing the statements – Provision prospective — No demand could be made for AYs prior to 1-6-2015.[ S.200A(1) ( c ) ]
S. 206AA : Requirement to furnish Permanent Account Number (PAN) – Provision for deduction at higher rate where recipient fails to provide PAN — Provision cannot override beneficial provisions of DTAAs — Assessee not liable to deduct tax at higher rates in spite of failure by non-resident to furnish PAN [ S.90(2)]
S. 201 : Deduction at source – Failure to deduct or pay – Failure to deduct tax from interest paid on loan — Whether recipient filed its return and declared interest amount in its income and paid due taxes — Assessee to prove before AO — Issue restored to AO to prove this contention. [ S. 194A ,201(IA) ]
S. 148 : Reassessment – Notice — Validity — Amalgamation of companies — Effect — Amalgamating company ceases to exist — Factum of amalgamation brought to notice of AO — Reassessment proceedings against amalgamating company — Not valid [ S.147 ]
S. 145A : Accounting — Valuation of stock — Change in method — Assessee changing method of valuation – Cost or market value whichever is lower method — Changed method consistent with mandatory AS 2 — No need to apply changed method to opening stock of finished goods — Changed method valuation to be applied to all components of inventory
S. 80JJAA : Employment of new workmen —Provisions as existing before 1-4-2016 applicable to earlier years — AO to apply provisions as applicable to each of the earlier years