S. 2(22)(e): Deemed dividend-Loans and advances to shareholders-Amount received as share application money by companies from companies in both of which assessee had beneficial interest, was not loan and advances-Addition cannot be made as deemed dividend. (S.260A)
S. 23 : Income from house property – Annual value – Annual value should be restricted to municipal ratable value – Estimate at 6% of cost of value of flat was held to be not justified . [ S. 22, 23 (1)(c) ]
S. 115JB : Book profit – Provision for doubtful debts – Written back and allowed – Not to be added for book profit .
S.54F : Capital gains- Investment in a residential house – Sale consideration was not deposited in a bank as per capital gain account scheme – Investment in acquisition of house was made with in the time prescribed – Denial of exemption was held to be not justified [ S.45 54F(4) ]
S. 220 : Collection and recovery – Assessee deemed in default – Stay – Pendency of appeal before CIT (A) – Entire demand was kept in abeyance till the disposal of appeal on merits by CIT (A) [S. 147 , 156, 220 (6) ,Art , 226 ]
S. 139 : Return of income –Audit – Extension of due date of filing – COVID-19 – Power of CBDT is discretionary -CBDT was justified in denying further extension [ S. 119 , Art , 226 ]
S. 68 : Cash credits – Capital gains – Penny stocks – STT paid – Denial of exemption is held to be not justified [ S. 10(38), 45, 69 ]
S. 276C : Offences and prosecutions-Wilful attempt to evade tax-Quantum and penalty appeal was pending-Prosecution is stayed until final judgement was delivered by Tribunal in pending appeal. [S. 143(3), 156, 271(1)(c) Code of Criminal Procedure, S. 482]
S. 276C : Offences and prosecutions-Wilful attempt to evade tax-Failure to file return-Refund due to assessee-Abuse of process of law-Prosecution was quashed. [S. 139(1), 276C(1)(i), 276CC Cr. P.C, S.482]
S. 276C : Offences and prosecutions-Wilful attempt to evade tax-Concealment of income-Failure to disclose capital gains-Application for quashing of proceedings was rejected. [S. 45, 278E, CPC, S. 313]