S. 119 : Central Board of Direct Taxes-Circular-Charitable trust-Delay of 353 days in filing audit report in Form 10B-Genuine hardship due to Covid-19 and auditor’s negligence-Condonation of delay-Matter remanded for granting exemption.[S. 12A, 119(2)(b), R.17B, Form No.10B, Art. 226]

S. 119 : Central Board of Direct Taxes-Circular-Charitable Trust-Delay in Filing Form 10-Delay of 522 days-Due to Auditor’s Negligence-Condonation of Delay-Matter Remanded for Granting Exemption.[S.11, 12A, 119(2)(b), Form No 10, Art. 226]

S. 119 : Central Board of Direct Taxes-Circular-Charitable or religious trust-Delay in filing of Form 10B-PCIT rejected the condonation application filed after 9 months for a delay in filing Form 10B by 24 days-Non-condonation of delay would be a genuine hardship for the assessee-Delay in filing Form 10B condoned. [S.11, Form No 10B, Art. 226]

S. 115BAA: Tax on income of certain domestic companies-Determination of tax in certain cases-Genuine mistake-Failure to file e. filing Form No 10-IC-Court held the authority must consider condonation under S. 119(2)(b) and permit a fresh Form 10-IC filing to give effect to the concessional rate. [S.119(2(b), Art, 226]

S. 92C: Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Captive Power Plants (CPPs)-Internal CUP method-Average landed cost of electricity paid to SEBs-Most appropriate method-Corporate guarantee-Arm’s length guarantee fee-0.5 per cent-Order of Tribunal affirmed. [S. 92BA, Rule 10B]

S. 80-IB(10): Housing projects-Date of commencement of construction after 1-10-1998-Eligibility for deduction-Findings of fact-Order of Tribunal affirmed.[S. 260A]

S. 80G : Donation-Renewal of approval under S. 80G(5)(vi) cannot be denied merely because an educational trust collects fees, incurs establishment expenses, or donates to other educational institutions lacking 80G approval, absent change in its charitable activities. [S.11, 80G(5)(vi) [S.80G(5)(vi)]

S.69C: Unexplained expenditure-Reassessment proceedings-bogus purchases-Inability to furnish purchase confirmations, addresses of suppliers-High Court held that the Assessing Officer justified in making additions for disallowance of peak purchases-SLP of assessee dismissed. [S. 69C, 147, 148, Art.136]

S. 69A : Unexplained money-On money-Construction business-Tribunal directed the Assessing Officer to compute on money at rate of 10 per cent of total receipt booked in the books of account-High Court affirmed the order of Tribunal.[S. 132(4), 260A]

S. 68: Cash credits-Addition on the basis of DVO valuation-Property of the assessee neither sold nor transferred-Share transfer between shareholders-No income in the hands of assessee company-The acquisition of an indirect interest in property through share transfer does not divest the assessee of its ownership, and any tax incidence, if applicable, would be confined to the transacting shareholders-Addition deleted.[S. 260A]