S. 11 : Property held for charitable purposes-Search and seizure-Concluded assessment-Date for issuance of notice under section 143(2) of the Act had already expired-No incriminating material was found for the assessment years in question-Denial of exemption is not valid. [S. 132, 143(2), 153A]
S. 10(34) : Dividend-Domestic companies-Tax on distribution of profits-Dividend received by assessee on Liquidation of company-Dividend declared before liquidation and dividend distribution tax paid by company-Not entitled to exemption of dividend income. [S. 2(22), 10(33), 46(2), 115O]
S. 48 : Capital gains – Cost of improvements – Amount spent on property habitable allowable as deduction- Amount spent on refrigerator , air conditioner LED , TVS furniture , dining table etc are personal effects – Not eligible for deduction – Interest on housing loan – Matter remanded to the Assessing Officer [ S. 24, 45 , 133(6) ]
S. 115BAA: Tax on income of certain domestic companies – Levy of tax @ 30% instead at concessional rate @ 22 %- Return of income – Last date for filing Form No. 10IC for AY 2020-21 – Extended to March 31, 2021 – By virtue of the Taxation and Other Laws (Relaxations and Amendments of Certain Provisions) Act 2020- Entitled to concessional rate @ 22%. [S.115BAA(5), 139(1), Taxation and Other Laws (Relaxations and Amendments of Certain Provisions) Act 2020, S. 3(1) ]
S.68: Cash credits — Unexplained expenditure — Capital gains —Penny stocks – Accommodation entries – Purchase of shares at premium in off market Transaction — Sale after three years- Report of Investigation Wing-Information never provided nor cross-examination of Individuals allowed — Additions is not valid .[ S. 10(38) 45, 69 ]
S. 271D : Penalty-Takes or accepts any loan or deposit-Amount received from husband-Purchase of plot-Family arrangement-Levy of penalty is not valid. [S. 269SS, 273B]
S. 271B : Penalty-Failure to get accounts audited-Project completion method-Advance received-Not turnover or gross receipt-Bonafide belief-Failure to get audited-Levy of penalty is not valid. [S. 44AB]
S. 271AAB : Penalty-Search initiated on or after 1st day of July 2012-Surrender of income-Neither surrendered income nor penalty was initiated on the basis of undisclosed income found during search-Levy of penalty is not valid. [S. 132]
S. 271(1)(c) : Penalty-Concealment-Not referring specific charge in the notice or assessment order-Levy of penalty is not valid.
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Business expenditure-Corporate social responsibility expenses-Amendment brought by way of Explanation 2 to section 37(1) by Finance Act, 2014, with effect from 1-4-2015 is not retrospective in nature-Revision is held to be not valid. [S. 37(1)]