S. 5 : Scope of total income-Interest on Government Securities-Right to receive interest on Government securities vested in assessee only on due date mentioned in securities and could not be said to have accrued to assessee on any date other than dates stipulated therein-Delay of 364 days-SLP of Revenue is dismissed on account of delay and also on merits. [S. 145, 245C, 245D, Art. 136]
S. 5 : Scope of total income-Interest on Government Securities-Right to receive interest on Government securities vested in assessee only on due date mentioned in securities and could not be said to have accrued to assessee on any date other than dates stipulated therein-SLP of Revenue is dismissed. [S. 145, 245C, 245D, Art. 136]
S. 5 : Scope of total income-Accrual of income-High Court held that interest can be said to have accrued only on date on which it was due as per terms and conditions of security-Interest income on securities is to be taxed on due basis and not on accrual basis-Delay of 220 days-SLP dismissed on the ground that reasons assigned for condonation of delay are neither satisfactory nor sufficient. [S. 145, Art. 136.
S. 2(22)(e) : Deemed dividend-Accumulated profits-Profits disclosed would be subject to adjustment and depreciation as granted in accordance with rates prescribed by Income-tax Act have to be deducted for ascertaining accumulated profits.[S. 32, 143(1), 148]
Contempt of Courts Act, 1971.
S. 12 : Punishment for contempt of court-Dy. CIT, Range-2, Lucknow (now retired) to be guilty under s. 12 of the Contempt of Courts Act, 1971—Accordingly, a fine of Rs. 25,000 along with simple imprisonment for a period of one week is awarded to the contemnor-Dy. CIT, Range-2, Lucknow (now retired)—In case of default, he would suffer one day’s further simple imprisonment. [S.124(2), 127, Art. 226]
Direct Tax Vivad se Vishwas Act, 2020
S. 2(1)(j):Disputed tax—Additional ground of appeal— Non search case-Computation could not be @ 125 per cent but had to be @ only 100 per cent-Competent authority is directed to accept the form as claimed by the assessee. [S. 2(1)(n), 3, ITAct, S. 10(38), 45, 68, Art.226]
Direct Tax Vivad Se Vishwas Act, 2020.
S. 2(1)(j): Disputed tax-Pendency of appeal-Rejection of declaration-Pendency of review petition-Review petition will also partake the character of pending proceedings and therefore the assessee should not have been non-suited or treated as ineligible for claiming benefit under DTVSV Act—Impugned order is hereby set aside—Respondent is directed to accept the revised declaration form filed by the assessee and process the same in accordance with DTVSV Act, 2020 and pass requisite orders in terms thereof. [S. 2(1)(a)(i), Art. 226]
S. 281 : Certain transfers to be void-Priority of claim-Sale of property for dues of State Sales-tax Department— Provision of S. 26B of KGST Act, by virtue of the non obstante clause, excludes the operation of “any other law in force” and creates a first charge on the property of the dealer-The properties in possession of the petitioners cannot be proceeded against for realization of the arrears payable under the IT Act. [S. 222, Sch. II, R, 2& 16, Kerala General Sales Tax Act, 1963, S. 26B]
S. 271(1)(c) : Penalty-Concealment-Revised return-After survey-Additional income—Order of Tribunal confirming the penalty is affirmed. [S. 139(5), 260A]
S. 263 : Commissioner-Revision of orders prejudicial to revenue-The AO had made all inquiries and verifications as required under the law-Order of Tribunal quashing the revision order is affirmed-No substantial question of law.[S. 143(3), 260A]