S. 90 :Double taxation relief-Mauritius company-Indian company shares acquired before 01-04-2017-Sale claimed as exempt using Article 13(4) of the DTAA-No capital gains as TRC was given and grandfathering of treaty.-DTAA-India-Mauritius [S.90, Art. 13(4)]
S. 90: Double Taxability Relief-Foreign Tax Credit (FTC)-Denial due to delayed filing of Form No. 67-Directed to allow the claim. DTAA-India-Netherlands.[Form No.67, Art. 23]
S. 90: Double taxation relief-Foreign business income-Tax paid in Nepal-Delay in filing Form No. 67-Assessee would be entitled to FTC. DTAA-India-Nepal [Form No 67]
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 Invetsigation 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]