S. 276CC : Offences and prosecutions – Failure to furnish return of income – Trail Court in 81 cases took cognizance of tax evasion due to failure to file return – High Court quashed the Trail Court order and directed to pass a speaking order . [ S. 153A, 279, Code of Criminal Procedure S 397, 482 ]
S. 244A : Refunds – Interest on refunds -Reduction in taxable income – Eligible on the sum refundable due to recomputation [ S. 220(2) 234D, 244A(1)(b) ]
S. 148A: Reassessment – Conducting inquiry, providing opportunity before issue of notice – Professional income not shown – Assessment u/s 143(1) -Reassessment notice is valid – DTAA- India -USA . [ Art , 15 , Art.226 ]
S.68 : Cash credits – Capital gains – Penny stock –Shell company – Investment in shares were held for more than 10 years – Addition cannot be made as cash credits . [ S. 10(38) ,45 ]
S. 13 : Denial of exemption-Trust or institution-Investment restrictions –Rent charged to trustee less than market rate – Violation of section 13 exemption cannot be denied- Only the income to the extent of violation is liable to tax at maximum marginal rate .[ S. 11, 12 ,12A, 13(1)(c)(ii)]
S. 271C : Penalty – Failure to deduct at source –Mercantile system of accounting – Provision made on estimate basis – Tax was deducted and deposited TDS upon crystallization of liability to pay expenses on receipt of invoices- Penalty is not leviable .[ S. 40(a)(ia), 145 ]
S. 263 : Commissioner – Revision of orders prejudicial to revenue – Capital gains – Agricultural land – Issue scrutinized in the assessment proceedings and under rectification proceedings – revision is bad in law [ S. 45 , 154 ]
S. 263 : Commissioner – Revision of orders prejudicial to revenue – Compensation received under compulsory acquisition is not chargeable to capital gains – Revision is not valid [ S. 45(5), Right to Fair Compensation and Transparency in Land Acquisition Act , 2013, S.96 ]
S. 263 : Commissioner – Revision of orders prejudicial to revenue – Bogus purchases – Addition of 12. 5% of alleged bogus purchases – Revision is not valid [ S. 143(3) ]
S. 254(2): Appellate Tribunal-Rectification of mistake apparent from the record – Ex -parte order – Dismissed for non-prosecution without dealing with the merits of the case – Time limit of six months does not apply – Application was filed after 678 days of passing of order- Order recalled [ S. 254(1), ITAT Rule 24, 25 ]