Direct Tax Vivad Se Vishwas Act, 2020, (2020) 422 ITR 121(St)

S. 5: Time and manner of payment- Filing of declaration and particular to be furnished – Short payment of tax of Rs.300 before specified date – Directed to accept the declaration by paying interest of 10% on balance payment of tax. [ S. 4, Art, 226]

Direct Tax Vivad Se Vishwas Act, 2020, (2020) 422 ITR 121(St)

S. 3: Amount payable by declarant – Disputed tax – Rectification order – Reduction or increase in income and tax liability – Disputed tax would be calculated after giving effect to said rectification order passed- The respondents are directed to act in furtherance of the petitioner’s declaration by way of Form-3, dated 18th January 2021 in accordance with the clarification of the Act of 2020. [ S.2(1)(J), 154, Art, 226 ]

Direct Tax Vivad Se Vishwas Act, 2020, (2020) 422 ITR 121(St)

S. 3: Amount payable by declarant – Disputed tax –Bogus purchases – Tax to be calculated after giving effect to the order of the Tribunal – Competent Authority was directed to grant the certificate after determining the tax payable giving effect to the order of the Tribunal [ S. 2(1)(j)(B), Art, 226 ]

S. 69C: Unexplained expenditure -Resale of industrial goods – Payments through account payee cheque – Disallowance of 10 percentage of purchases – Order of Tribunal affirmed [ S. 133(6), 260A

S.147: Reassessment – After the expiry of four years – Interest and property tax paid subsequently after slump sale- Claimed as deduction in the year of payment – Amount disclosed in tax audit report relying on case law – Reassessment notice for incorrect claim- Change of opinion – Reassessment notice was quashed. [ S. 43B, 44AB, 148 , Art , 226 ]

S. 80IA:Industrial undertakings – Infrastructure development-Inland container depot and container freight station – Entitled to the deduction.[ S.80IA(4), 260A ]

S. 45 : Capital gains -Penny Stock – Cash credits –Accommodation entries – DMAT account and contract note showed details of share transaction- Assessing Officer had not proved said transaction as bogus, capital gain earned on said transaction can not be treated as cash credits – Addition as cash credit was deleted- Order of Tribunal allowing the exemption was affirmed . [ S. 10(38), 68 ]

S.2(14)(iii): Capital asset-Agricultural land-Sale of agricultural land – Land revenue record shown as “ Lagavadi Yogya Sherta “ ( Cultivable land )- Vegetables and minor millets grown – Land situated in Raigad District – No condition is prescribed under the provision of section 2(14)(iii) of the Act that active agricultural activity should be there at the time of sale of the land – Only condition that it must be agricultural land – Consideration received is not liable to be taxed as capital gains .[ S. 45, 54B , 131 ]

S. 12AA : Procedure for registration –Trust or institution- Plastic Waste Management -Preservation of Environment as defined in Section 2(15) of the Act – Eligible for exemption – Denial of registration is not valid . [ S. 2(15), 11,12A, 12AA (1)(b)(ii) , Form No .10A , Constitution of India Art, 14, 19 and 21 , 47, 48-A ,51-A(g) , Environment (Protection) Act, 1986, the Water (Prevention and Control of Pollution) Act, 1974, the Air (Prevention and Control of Pollution), Act 1981 , ]

S. 11 : Property held for charitable purposes – Object of improvement in the town of Sangrur – Activities cannot be held to be commercial in nature – Entitle to exemption . [ S. 2(15), 12 , 13(8) ]