S. 263 : Commissioner-Revision of orders prejudicial to revenue-Audit objection-Commercial expediency-Pre closure premium paid to bank-Allowable as revenue expenditure-Tribunal was not justified in affirming the revision order. [S. 37(1), 260A]
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Audit objection-Commercial expediency-Pre closure premium paid to bank-Allowable as revenue expenditure-Tribunal was not justified in affirming the revision order. [S. 37(1), 260A]
S. 250 : Appeal-Commissioner (Appeals)-Procedure-Recovery of tax-Stay of recovery pending appeals-Department’s inaction on stay application for over six years deprecated-Delay in disposal of stay application-Adjusting refund-Direction to refund excess adjustment and expedite adjudication of pending appeal. [S.143(3), 156, 226, 237, 250(6A); CBDT Instruction No. 1914 dated 21-03-1996; Art. 226]
S. 245D : Settlement Commission-Interim Board for Settlement-Settlement pronounced but order not passed-Cessation of Settlement Commission and formation of Interim Board for Settlement-On oath, Vice-President and member of Settlement Commission confirmed conclusion of hearing and pronouncement of settlement-Interim Board directed to pass order under s. 245D(4) accepting settlement as pronounced. [S. 245C(1), 245D(4), Art. 226]
S. 245D : Settlement Commission-Settlement of cases-Cash credits-Share application-Order of Settlement Commission accepting claim for deduction need not be interfered with-Order of Settlement Commission holding that addition of unsubstantiated share capital under s. 68 would not qualify for deduction under s. 80-IC set aside-Section 115BBE (introduced later) not applicable; assessee entitled to special deduction. [S. 68, 80-IC, 115BBE, 245D(3), 245D(4), Art. 226]
S.37(1): Business expenditure-Construction business-Order of Tribunal deleting the disallowance was affirmed.[S. 260A]
S. 32 : Depreciation-Pipeline installation-Contingent liability
Disallowance justified where liability towards port authorities was contingent and not crystallized-No substantial question of law. [S. 260A]
S.14A : Disallowance of expenditure-Exempt income-No exempt income-No disallowance can be made-Amendment in law will be applicable prospectively from 1-4-2022. [S. 260A, R.8D]
S. 11 : Property held for charitable purposes-Investment-Exemption-Purchase of shares of subsidiary-Non-profit entity-Pursuant to Government policy and TRAI recommendations-No violation Exemption allowable. [S. 11(5), 12, 13(1)(d), 260A, Companies Act, 1956, S. 25]
S. 9(1)(vi) : Income deemed to accrue or arise in India-Royalty
Payments for purchase of licensed software not taxable as royalty. [S. 260A]
S. 254(1) : Appellate Tribunal- Powers- Tribunal remanding matter with cost – Cost of ₹50,000 imposed on small trader held to be harsh and unjustified – Order of Tribunal set aside . [ S. 250(6) ,254(2B), 260A ]