S. 10(37) : Capital gains – Agricultural land – With in specified urban limits – Enhanced compensation – Entitle to exemption [ Land Acquisition Act, 1894, S.28 ]
S. 10(37) : Capital gains – Agricultural land – With in specified urban limits – Enhanced compensation – Entitle to exemption [ Land Acquisition Act, 1894, S.28 ]
S. 10(1) : Agricultural income – Coconut Trees and Mango orchard on land – Income derived is assessable as agricultural income .
S. 271E : Penalty – Repayment of loan or deposit -Loans from directors – Reasonable cause – Repayment by demand draft – levy of penalty is not justified .
S. 263 : Commissioner – Revision of orders prejudicial to revenue – Share application money – Share premium- Merely because assessment order silent, order could not be considered as erroneous and prejudicial to Interests of revenue – Revision order was quashed . [ 56(2)(vii)(b), 68, 143(3] ]
S. 263 : Commissioner – Revision of orders prejudicial to revenue – Merger – Amalgamated Company filing return after merger in its name —Revision upon non-existent entity — Not valid [ S.143(3) ]
S. 195 :Deduction at source – Non-resident – Taxability in India — Payment to international celebrity appearance at Dubai – Target audience in India, potential customers in India, intended benefits in India — Business connection – Liable to deduct tax at source-DTAA -India -USA [ S. 5(2), 9(1) (i), 115BBA,201 Art.12, 23(3) ]
S. 153A : Assessment – Search-Assessment of third person — Sale Of Property — Commission —Addition made without examining the buyer of property is held to be bad in law . [ S.292C ]
S. 144 : Best judgment assessment – Low gross profit rate –Ad-hoc addition – No defects in stock statement – Rejection of books of account is held to be not valid [ S.145(3) ]
S. 143(3) : Assessment -Estimation of income —Milk Supplier earning Commission —Real income theory – Profit is directed to be estimated at seven Per Cent.[ S.144, 145 ]
S. 143(3) : Assessment – Bogus purchases – Purchase and sales matching figures certified by sales tax department and value added tax Return – No addition could be made on basis of earlier tentative figure shown as per sales tax department – Contribution to provident fund – Matter remanded . [ S. 37(1) ]