Where an agricultural land was sold to a non-agriculturist, the same did not loose its status as agricultural land and could not be classified as a capital assets.
Assessee-company was engaged in the business of trading of electromechanical relays, wire and wireless equipment, high performance polymeric products, highly specialized energy related products, was subject to scrutiny.
One Time Settlement (OTS) schemes were launched by the Telangana Government to enable the tax payers to settle the disputed tax amounts under the Telangana Value Added Tax Act (VAT Act) and the Central Sales Tax Act (CST Act).
Reassessment under section 147 was not justified as there was no “close nexus” or “live link” between tangible material and the reason to believe that income had escaped assessment.
CBDT had issued instructions/notification for examining the specific cases regarding cash deposits during the demonetisation period. However, both the lower authorities had not done so and therefore, the matter was remanded for re-examination.
Penalty under section 271(1)(c) was not leviable as AO had not demonstrated any falsehood in the particulars provided by assessee. Mere making a claim that was not legally sustainable did not constitute furnishing inaccurate particulars of income by assessee.
Where preferential location charges charged by the builder includible in the taxable value of the service tax levy and no separate charge was levied, the liability to pay service tax did not arise as it was only when a particular service was separately charged that the liability to pay service tax arose.
No appeal shall be allowed to the Deputy Commissioner or Commissioner under Section 406(8) of the Maharashtra Municipal Corporation Act (MMCA) without first depositing the disputed property tax excluding interest and penalties.
Assessee-company was carrying out the business of manufacturing and trading of dies and pigments, but no business activity was carried out during the period when the assessment proceedings were carried out.
Accordingly, the interest on deposits would qualify for deduction under the said section. Appellant Cooperative society is entitled for deduction u/s 80P as claimed in the return.
