S. 90 : Double taxation relief – Foreign tax credit – Form No. 67 not filed within due date of filing return under section 139(1) but filed before processing of return by CPC-Directory and not mandatory – Foreign tax credit cannot be denied . [ S. 139(1) Form No 67 ]
S. 80P: Co-operative societies -Delay in filing of return – The amendment to section 143(1)(a)(v) enabling disallowance of deduction claimed under Chapter VIA was made by Finance Act, 2021, w.e.f. 1-4-2021 – The Assessing Officer is directed to allow the claim. [ S.80AC , 139(1), 143(1)(a)(v) ]
S. 80IB (10) : Housing projects – Assessee cannot be deprived of the benefit if the delays are beyond the control of the assessee- Matter remanded to the Assessing Officer for verification .
S.70: Set off of loss – One source against income from another source – Same head of income – arrangement of affairs within legal framework through legitimate means to reduce its tax liability – no evidence on record to doubt genuineness of transactions – STCL derived by assessee could not be prevented from being set off against LTCG. [ S. 45 ]
S. 69C : Unexplained expenditure – Information from Investigation wing – The AO cannot proceed to disallow only the purchases in isolation and the Tribunal disallowed the purchases at 12.5%. On appeal for A.Y. 2014-15, the Tribunal observed that the Assessee had only made payments towards purchases from previous year, hence the addition for A.Y. 2014-15 was unjustified. [ S. 147 , 148 ]
S. 69C: Unexplained expenditure – Search and seizure – Unabated assessment – Purchases are recorded in regular books of account- Order of CIT(A) deleting the addition is affirmed .
S. 69A: Unexplained money – Cash found in the work premises – Sales – Matter restored to AO to consider the evidence submitted. [ S. 131, 133A]
S. 69A: Unexplained money- Cash deposit – Demonetisation- Cash sales – Deletion of addition is affirmed by the Tribunal . [S. 68 ]
S. 68: Cash credits -Share application- Share premium- Identity and creditworthiness and genuineness is established – Addition is deleted.
S. 68: Cash credits – Share capital – Share premium- Proved the identity, credit worthiness and genuineness by documents –Addition is deleted. [ S. 133(6) ]