S. 9(1)(vi) : Income deemed to accrue or arise in India-Royalty-Income from sale of software license-Not assessable as royalty-DTAA-DTAA-India-USA. [Art. 5, 7, 12]

S. 9(1)(i) : Income-Deemed to accrue or arise in India-Shipping, Inland waterways transport-Wholly managed or controlled from the UAE-satisfied requirement of article 4-Entitled to treaty benefit-DTAA-India-UAE. [S. 90, 144C, Art. 4(1)(b), 8(1), 29]

S. 148: Reassessment – Notice-Constitutional validity – The delegation authorized being only for the purpose of enlarging limitation under a valid law, such delegation could not be exercised to resurrect the provision of law that stood omitted from the statute book by virtue of its substitution made by the Finance Act, 2021, w.e.f. 01.04.2021 – Reassessment notices issued under section 148 of the Act are quashed-It is left open to the assessing authority to initiate – re-assessment proceedings in accordance with the provisions of the Act, as amended by the Finance Act, 2021 after making due compliance as required under the law. [S. 147, 148A, 149, 151, 151A, 153, 292 Relaxation of Certain Provisions) Act, 2020 (TOLA), S. 3(1) of the Act 38 of 2020, Art. 226]

S. 292B : Notice not to be invalid on certain grounds – Notice issued in the name of a dead person is a nullity. [ S.153C ]

S. 245C : Settlement Commission – Settlement of cases – Conditions – Subsequent additional statements could not be relied upon in order to satisfy requirements of S/245C and ITSC has exceeded its jurisdiction in setting aside such issue as regular assessment has to be made in such case. [ Art . 226 ]

S. 90: Double taxation relief – Assessee – Company being a tax resident of Singapore is eligible to the benefits of India-Singapore tax treaty with respect to sale of shares in Indian subsidiary – LOB clause is not applicable as such sale was pursuant to genuine business restructuring and MNC’s activity of being an investment holding company is a bonafide business activity – Hence, no capital gains on sale of shares of Indian subsidiary by a Singapore holding investment company.

S. 80IA : Industrial undertakings – Infrastructure development – Scope of S/80IA(5) is limited to determine quantum of deduction under S/80IA(1) by treating ‘eligible business’ as ‘only source of income’ – However, S/80IA(5) cannot be read to limit the deduction only to business income. [ S80AB ]

S. 45 : Capital gains – Transfer – Power of attorney -Since all rights in the property, including constructive possession was handed over by the Assessee to purchaser the transaction has rightly been treated as sale or transfer u/s 2(47) of the Act by lower authorities, giving rise to capital gains. [ S. 2(47 )(v), 2 (47) (vi ) ]

S. 148 : Reassessment – Notice – Constitutional validity – The delegation authorized being only for the purpose of enlarging limitation under a valid law, such delegation could not be exercised to resurrect the provision of law that stood omitted from the statute book by virtue of its substitution made by the Finance Act, 2021, w.e.f. 01.04.2021-Reassessment notices issued under section 148 of the Act are quashed – It is left open to the assessing authority to initiate -re -assessment proceedings in accordance with the provisions of the Act, as amended by the Finance Act , 2021 after making due compliance as required under the law . [ S. 147, 148A, 149, 151 , 151A , 153,292 Relaxation of Certain Provisions) Act, 2020 , S.3(1) of the Act 38 of 2020, Art , 226 ]