S. 143(3): Assessment – Appeal pending before CIT(A)- Writ – Alternate remedy – Writ petition not maintainable- Extraordinary jurisdiction – Not to be invoked when alternate statutory remedy is available- The Court directed CIT(A) to dispose of the appeals (both against assessment and penalty orders) within eight weeks. [ S. 144B 250 , Art. 226 ]
S. 151 : Reassessment – Sanction for issue of notice – Notice issued under section 148 with sanction of PCIT instead of JCIT – Survey – Invalid sanction – Assessment held to be null and void. [ S. 133A , 143(3),151(2), 147 , 148]
S. 56 : Income from other sources – Immovable property – Purchase consideration – DVO valuation – Difference of 7% within 10% safe harbour – Amendment by Finance Act, 2020 curative and retrospective – Addition deleted.[ S. 50C , 56(2)(x)(b)(B) ]
S. 153A: Assessment – Search – Abated assessment – No incriminating material was found – Alleged bogus purchases –Addition was deleted . [ S. 69C , 132 ]
S. 64 : Clubbing of income – Minor child – Capital gains – Sale of inherited property – Minor daughter’s share deposited in nationalized bank under Court order – Not includible in assessee’s hands.[S. 45, 54F , Hindu Minority and Guardianship Act, 1956, S.8(2) ]
S. 54F : Capital gains- Investment in a residential house – Advance received cannot be assessed as capital gains – The AO was directed to recompute the capital gains on actual consideration and also directed to allow the exemption under section. 54F . [S. 45 ]
S. 272A : Penalty-Failure to answer questions-Sign statements-Furnish information-Non-compliance of notices issued under section 142(1)-Assessment order was passed under section 143(3)-Penalty deleted. [S. 142(1), 272A(1)(d)]
S. 263 : Revision-Capital gains-Exemption u/s 54F-Failure of AO to verify claim-Revision upheld. [S. 54F, 147]
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Scientific research expenditure-Weighted deduction-Allowed deduction under section 35(2AB) at 200 per cent-Allowable 150 per cent-Revision order is affirmed. [S. 35(2AB, Rule 6]
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Additional depreciation-At rate of 10 per cent on ‘plant and machinery’ put to use for a period of less than 180 days during preceding year-No error-Revision order is set aside. [S. 32(1)(ii), 43(6)]