S. 9(1)(ii) : Income deemed to accrue or arise in India-Dependent personal services-Tax Credit-Salaries-Bonus received from previous employer in Singapore-Taxable in India-Tax paid in Singapore would be eligible for tax credit-DTAA-India-Singapore. [S. 5(1), 90, art. 15]
S. 9(1)(i) : Income deemed to accrue or arise in India-Business connection-Capital gains-Shares/units, transfer-Capital gain on sale of equity shares that arose from conversion of cumulative convertible preference shares (CCPS)-CCPS were issued prior to 1-4-2017 but conversion took place after said date, capital gain derived from sale of such shares would not be covered under article 13(3A) or 13(3B) but under article 13(4) of India-Mauritius DTAA-Exempt from taxation-DTAA-India-Mauritius [S. 45, 90, art. 13(3A), 13(3B)]
S. 9(1)(i) : Income deemed to accrue or arise in India-Business connection-Guarantee agreement with its subsidiaries-Other income-Taxed in contracting State-DTAA-India-Korea.[S.56 art. 23]
S. 4 : Charge of income-tax-Infrastructure projects-Nodal agency to implement certain schemes of State Government and unspent amount of grant given to assessee for carrying on infrastructure projects remained property of Government and had to be returned to Government as and when demanded-Grant cannot be assessed as income-Interest earned on deposits of surplus Government grants received by assessee to carry on its business activity of development of infrastructure projects was to be treated as part of grants and same could not be treated as income of assessee. [S. 28(i), 145]
S. 2(22)(e) : Deemed dividend-Advances from companies-Substantial shareholding-Lending money is the business-Advances cannot be assessed as deemed dividend.
S. 2(14)(iii) : Capital asset-Agricultural land-Vacant land-Sale to non agriculturist-Records maintained by State Government, certificate issued by Additional Tahsildar and Village Officer showed that the said land was an agricultural land and used for agricultural operations-Not capital asset-Not liable to be assessed as capital gains. [S. 45]
S. 271D : Penalty-Takes or accepts any loan or deposit-Sale of immovable property to agriculturist from small village-Banking facilities not available-Reasonable cause-Levy of penalty is deleted. [S. 273B]
S. 271B :Penalty-Failure to get accounts audited-Failure to show reasonable cause-Levy of penalty is affirmed. [S.44AB]
S. 271B : Penalty-Failure to get accounts audited-University-Local authority-Failure to get accounts audited not to result in penalty but only in denial of exemption-Penalty not sustainable. [S. 10(23C)(iiiab), 12A(1)(b), 44AB]
S. 271(1)(c) : Penalty-Concealment-Notice not specifying the charge-Notice not valid. [S. 274]