Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

S. 51:Pushishment for wilful attempt to evade tax-Return of income-Prosecution under section 51 cannot be dependent on completion of assessment, as offence, if proved, stands completed as soon as conditions as required under section 51(3) are fulfilled, irrespective of return of income-Writ petition to quash the proceeding is dismissed. [S.2(12), 10(1), 48, 51(3), ITACT, 1961, S. 6(6), 131(IA),132, Art. 226]

S. 271G : Penalty-Documents-International transaction-Transfer pricing-Prior to amendment in section 271G by Finance (No.2) Act, 2014 w.e.f. from 1-10-2014, TPO had no jurisdiction to impose penalty under section 271G for failure to furnish documents as required by section 92D(3)-SLP of Revenue is dismissed.[S.92D(3), Art.136]

S. 271C : Penalty-Failure to deduct at source-Action for imposition of penalty is initiated-Penalty proceedings were initiated on receipt of reference on 25-9-2014 and not on issuance of show cause notice on 4-8-2015-Order of penalty passed by Joint Commissioner (TDS) is barred by limitation. [S. 44AD, 260A]

S. 271(1)(c) : Penalty-Concealment-Not specifying the relevant portion of clause in penalty notice-Order of High Curt deleting the penalty is affirmed-SLP of Revenue is dismissed.[S. 274, Art. 136]

S. 271B : Penalty-Failure to get accounts audited-Delay in obtaining audit reports from statutory auditors under Kerala Co-operative Societies Act and Rules-Reasonable cause-Penalty order is quashed.[S.44AB, 273B]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-
Cash credits-Cash deposit-Demonetisation-Revision is held to be justified. [S. 68, 143 (3), 260A]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Transfer of shares-Capital gains-Colourable device-Dividend distribution tax-Merely recipient of income and was not entity which had either declared or paid dividend, revisionary proceedings were not justified-DTAA-India-Singapore [S. 45, 47(iv), 115-0, 260A, Art. 13]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Commercial substance-Royalty-Fees for technical services-Order of the Tribunal quashing the revision order is affirmed-DTAA-India-Singapore. [S. 9(1)(vi), 9(1)(vii), 260A, Art. 12]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Capital asset-Solitary transaction-Sold without development-Assessing Officer accepted the claim as capital gains-Two plausible view-Order of High Court quashing the revision order is affirmed.[S. 2(14), 45, Art. 136]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Depreciation-Order passed by Assessing Officer relying on the decision of Tribunal-Subsequently set aside by High Court-Revision is not valid-Order of High Court is affirmed. [S. 32, 143(3), Art. 136]