S. 145: Method of accounting-Rejection of books of account-Estimation of gross profit-No comparative cases-GP declared was more than earlier years-Addition was deleted-ERP software expenses as revenue expenditure cannot be accepted-Purchase invoices were produced before the Assessing Officer-No violation of R.46A [S.37 (1), 145(3) 251, R.46A]
S. 145: Method of accounting-Builder and developer-Project completion method-Advances received by the assessee from the customers cannot be taxed in this year when the same have been adjusted in the sales in the assessment year 2018-19
S. 143(2): Assessment-Notice-Physical copy of the notice has not been brought on record-Reassessment is bad in law. [S. 147, 148]
S. 143(2): Assessment-Notice-Notice sent to wrong address-Assessment order was illegal and void ab initio. [S. 143(3), 282(1)(b)/(c)/ (d).]
S. 115V-I: Shipping business-Shipping income-Interest from deposits with banks-AO is directed to treat the interest income as part of the profits from core shipping activities carried on by the assessee as business income. [S.115VJ]
S. 115V-I: Shipping business-Shipping income-Allocation of administrative expenditure-Required to be allocated on a reasonable basis.
S. 115JB: Company-Book profit-Sales tax subsidy-Credited to capital reserve-Adjustment made by the Assessing Officer is not justified.
S. 112: Tax on long-term capital gains-Determination of tax in certain cases-Rate of tax-Redemption of debentures-Debentures are explicitly excluded from the concessional tax treatment under s. 112A, the correct rate of tax applicable on the LTCG from the redemption of market-linked debentures is 20 per cent under s. 112 [S.112A]
S. 80G: Donation-Charitable as well as religious objects-Trust applies less than 5 per cent of its income towards religious purposes-Matter is restored to the CIT(E) to consider the grant of registration after carrying out necessary verification in accordance with law. [S.80G(5) 80G(5B), Expiation 3.]
S. 74: Losses-Capital gains-Capital loss-Carry forward and set off-Shares acquired before 1st April, 2017 cannot be taxed in the source country i.e., India-Eligible to carry forward the long term capital loss under the provisions of the Act-Debatable issue-Adjustment was not valid-DTAA-India-Singapore [S.90,143(1), Art. 13]