S. 36(1)(iii) : Interest on borrowed capital-Tribunal deciding on the basis of Judgement of High Court-High Court judgement is overruled by Supreme Court-Directed to recompute the disallowance in line with Supreme Court judgement.[S. 260A]
S. 36(1)(iii) : Interest on borrowed capital-Tribunal deciding on the basis of Judgement of High Court-High Court judgement is overruled by Supreme Court-Directed to recompute the disallowance in line with Supreme Court judgement.[S. 260A]
S. 28(i) : Business loss-Bad debts-Commercial expediency-Expenditures incurred by subsidiary till its winding up-Amount disallowed as bad debt can be claimed as business loss. [S. 36(1)(vii), 36(2), 37(1)]
S. 12A : Registration-Trust or institution-Registration is granted based on facts-Order of Tribunal is affirmed. [S. 12AA, 13(1) (c), 260A]
S. 11 : Property held for charitable purposes-Activities of Commercial nature-Exclusive rights relating to GSI coding in India-Receipts from trade and business significantly high-Not entitle to exemption. [S. 2(15), 12]
S. 11 : Property held for charitable purposes-Warehousing agricultural produce and connected activities-Activities incidental to main objects-Entitle to exemption.[S.2(15) 12, 12AA]
S. 10(46) : Body or Authority-Specified income-Industrial Development Authority constituted by Government for public benefit-Directions issued to concerned authority to pass speaking order. [Art. 226]
S. 9(1)(vii) : Income deemed to accrue or arise in India-Fees for technical services-Royalty-Computer software-Maintenance and support services-Not payment of royalty for use of copyright in computer software-Not taxable in India-SLP of Revenue dismissed-DTAA-India-Singapore. [S. 9(1)(i), 9(1)(vi), 195, Art. 12]
S.271C: Penalty- Failure to deduct at source- Purchased two immovable properties-Bonafide mistake – Furnished documents in support that the recipients /payee had shown the sale consideration in their respective returns of income and paid taxes- Penalty levied is deleted .[ S. [S.194IA , 201]
S.271B: Penalty- Failure to get accounts audited-Books of account not maintained – Can be penalised under section 271A and not under section 271B. [S.44AA, 44AB ,271A]
S.201: Deduction at source- Failure to deduct or pay- Limitation- Order passed beyond period of seven years is time barred . [S.195, 200(1), 201(IA) ]