Interpretation of taxing statutes – Proviso – Ratio decidendi

S. 80P : Co-operative societies – Section must be read liberally and reasonably and in case of ambiguity, in favour of the assessee – Once a co-operative society provides credit facilities to its members, the fact that it also provides credit facilities to non-members does not disentitle it from availing of the deduction. Section does not require that the society has to give agricultural credit only –-Proviso which excludes co-operative banks which are co-operative societies engaged in banking business and not primary agricultural credit societies- Interpretation – Proviso cannot be used to cut down language of main enactment- Precedent — Ratio decidendi alone binding and not what may seem logically to follow from it. [ S. 2(19), 80P(2)(a), 80P(4), Kerala Co-Operative Societies Act, 1969, Ss. 2(F), (Oaa), (Ob), (Oc), 3, 4, 7, 8 , Kerala Co-Operative Societies Rules, 1969, R. 15. ]

Direct Tax Vivad Se Vishwas Act, 2020

S. 4: Filing of declaration and particulars to be furnished – Appeal with drawn as dismissed – Charitable Trust – Collection of capitalisation fee for admission of students [ S. 2 (15) 11, 12 , 13, 261 ]

S.56 : Income from other sources – Excess over Fair market Value of Shares – Deemed income – Not applicable – shares issued under a scheme of Amalgamation.[ S.56 (2)(viib) ]

S. 271(1)(c) : Penalty-Concealment-Claim supported by various decisions and documentary evidence-Levy of penalty is held to be not valid.

S. 271(1)(c) : Penalty-Concealment-Search cases-Income declared in return filed-Levy of penalty is held to be not valid-Not mentioning the specific offence committed-Levy of penalty is held to be not valid. [S. 132(4), 153A]

S. 251 : Appeal-Commissioner (Appeals)-Powers-Ex Parte-Should have called for assessment records and thereafter should have passed the order-Matter remanded for disposal afresh.

S. 154 : Rectification of mistake-Incorrect set of off Minimum alternate tax credit-Prima Facie Mistake Apparent From Record-Not A Debatable Issue-Levy of interest is held to be valid. [S. 115JB, 234B]

S. 147 : Reassessment-Unexplained money-Cash deposits in bank account-Reasons for reopening of assessment recorded by concealing order-sheet entries-Reassessment not valid. [S. 69, 148]

S. 143(3) : Assessment-Bogus purchases-No ad hoc addition can be made-Only difference between gross profit rate on genuine purchases and hawala purchases can be made. [S. 37 (1)]