S. 4 : Charge of income-tax – Interest- Surplus of Government grant- Interest earned -Not assessable as income .[ S.2(24) (i) ]
PCIT v. Punjab Police Housing Corporation Ltd. (2020)422 ITR 244 / 107 CCH 0457/195 DTR 150 / 317 CTR 838(P&H) (HC)S. 4 : Charge of income-tax – Interest- Surplus of Government grant- Interest earned -Not assessable as income .[ S.2(24) (i) ]
PCIT v. Punjab Police Housing Corporation Ltd. (2020)422 ITR 244 / 107 CCH 0457/195 DTR 150 / 317 CTR 838(P&H) (HC)Benami Transactions (Prohibition) Amendment Act, 2016.
S.2(9) (a): Benami – No Procedure For Declaring Property Benami under Act of 1988 — Amendment Act not made retrospective — Prosecution in respect of Transaction In 2011 is held to be not valid [ Benami Transactions (Prohibition) Act, 1988, 3 , 5 , 8, General Clauses Act, 1897 S.6 (c ) ]
Ganpati Dealcom Pvt. Ltd. v. UOI (2019) 106 CCH 0420 /(2020) 421 ITR 483/ 269 Taxman 489 (Cal)(HC)S. 276C : Offences and prosecutions – Wilful attempt to evade tax – The pendency of assessment proceedings cannot act as a bar to institution of prosecution – Framing the charge is held to be valid [ S .(2(16) 116 , 277 , 279 Constitution of India , Art , 13 Code of Criminal Procedure, 1973, S.245(2), Indian Penal Code , 1860 , S 120B , 193, 199 ]
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S. 271(1)(c) : Penalty – Concealment – Inadvertent error- Failure to disallow the unpaid interest – Levy of penalty is held to be not justified .[ S.43B( e ) ]
CIT v. Celebrity Fashions Ltd. (2019) 105 CCH 0499 / (2020)421 ITR 458 (Mad)(HC)S. 263 : Commissioner – Revision of orders prejudicial to revenue -Export business- No proper bifurcation of direct and indirect cost -Revision is held to be valid [ S.80HHC , 260A ]
Narasus Coffee Company v. JCIT (2019) 104 CCH 0728 / (2020)421 ITR 445 (Mad)(HC)S. 147 : Reassessment -Audit objection – Depreciation- -Business or commercial rights of similar nature – Notice of reassessment based solely on audit objection is held to be not valid. [ S. 32 , 148 ]
Mobis India Ltd v. Dy. CIT, LTU-II (2018) 101 CCH 0475 /(2020)421 ITR 463 (Mad)(HC)S.147 : Reassessment –With in four years- Cash credits – Share premium – Accommodation entries- Subsequent discovery that the transaction was with a name Lender — Notice of reassessment is held to be valid. [ S.68 148 ]
RDS Project Ltd. v .ACIT (2020) 421 ITR 624 / 185 DTR 180/ 312 CTR 345 / 269 Taxman 327 (Delhi)(HC)S.147: Reassessment — With in four years – Industrial undertaking – Change of opinion -Issue discussed in original assessment proceedings and disallowed portion of the claim – Reassessment is not valid [ S .80IA , 143(3) , 148 , 263 ]
PCIT v. Swaraj Engines Ltd. (2020) 421 ITR 594 /107 CCH 0443/190 DTR 385/ 315 CTR 331 (P&H)(HC)S.147: Reassessment-After the expiry of four years- Share premium- No failure to disclose material facts- Reassessment notice on mere surmise that the assessee had received amounts as share premium is held to be not valid .[ S.148 ]
Hitachi Hi Rel Power Electronics P. Ltd. v ACIT ( 2019) 106 CCH 0421 / (2020)421 ITR 574 (Guj) (HC)S.143(3): Assessment – Estimation of rate of gross profit- Direction of the Tribunal – AO has followed the direction of Appellate Tribunal – Addition made by the AO is held to be valid . [ S.132 , 158BC, 254(1) ]
Jayesh S. Mehta v .Dy. CIT (2020)421 ITR 353 /313 CTR 721 / 273 Taxman 469(Karn)(HC)