S. 10(37): Capital gains – Agricultural land – Deduction at source – Acquisition of immoveable property – Payment of compensation on agreed terms in respect of the land acquired is entitled for exemption. [S.148 ,194LA, Land Acquisition Act, 1894, S.6]
S. 10(37): Capital gains – Agricultural land – Deduction at source – Acquisition of immoveable property – Payment of compensation on agreed terms in respect of the land acquired is entitled for exemption. [S.148 ,194LA, Land Acquisition Act, 1894, S.6]
S. 5: Scope of total Income – Accrual of income of discretionary trust – Income retained by the trustee cannot be brought tax in the assessment of beneficiary. [Wealth-tax Act, 1957, S.3]
S. 4: Charge of income tax – Hindu undivided family – Inheritance – Hindu undivided family ceases to exist without male presence – Inherited property taxable in individual hands.
S.4: Charge of income-tax – Diversion of income by overriding title or application of Income. [ Indian Income-tax Act, 1922, S.3 ]
S. 271F : Penalty – Return of income – Failure to furnish – Agriculturist – Bonafide belief that income not chargeable to tax – Levy of penalty is held to be not justified [ S. 139(1) 273B ]
S. 271(1)(c) : Penalty – Concealment – Initiation of penalty proceedings on both charges – Penalty levied on a specific charge of concealing particulars of income —Levy of penalty is held to be justified. [ Explanation 5A ]
S. 271(1)(c) : Penalty – Concealment – Capital gains- Bonafide belief – Sale not complete – Failure to disclose capital gains- Levy of penalty is held to be not justified .[ S.45 ]
S. 263 : Commissioner – Revision of orders prejudicial to revenue –
Revision —Housing project —Method of accounting – Adopting Percentage Completion Method And Project- Revision is held to be not valid . [S. 145 ]
S. 263 : Commissioner – Revision of orders prejudicial to revenue – Limitation – Service of order not relevant passing of order is relevant – Not given sufficient opportunity to give reply – Natural justice violated – Order quashed [ S.263(2) ]