Even if it is assumed that the assessee was authorized to collect sales tax and retain with it, the same will be chargeable to tax as trading receipt in view of decision of Supreme Court in the case of Sahney Steel and Press Works Ltd. v. CIT [228 ITR 253 (SC)].
Keyman Insurance Policy for section 10(10D) is not confined to a policy taken by a person on life of an employee, but also extends to an insurance policy taken with respect to life of another who is connected in any manner whatsoever with business of subscriber.
Where an order passed by the Assessing Officer is subject to an appeal that has been filed, the power of the Commissioner to invoke his revisional jurisdiction under section 263 can only extend to such matters which have not been considered and decided in the appeal.
In all fairness, while hearing an appeal from the original authority, the CIT, the CBDT who is the appellate authority cannot deny the reasonable opportunity of hearing to the petitioning assessee at whose instance the impugned order came to be passed and which has become the subject-matter of appeal before the CBDT.
It is no doubt true that as per section 92CA of the Income-tax Act, when the assessee goes before the authority concerned on transfer pricing, an opportunity of personal hearing should be granted to the assessee. As far as the present case is concerned, the notice dated 25-8-2009 was sent by the Transfer Pricing Officer intimating the date of personal hearing on 4-9-2009, on which date the petitioner was to file its reply. Admittedly
Once the non-productive asset like urban land is converted into a productive asset like a building which qualifies for exemption, then the assessee can start availing exemption even during the period of conversion of such non-productive asset to productive asset.
If the business is going to be paralyzed, then, the court in appropriate cases can, for the benefit and interest of the company, save the transaction involving sale of assets of a company in liquidation; it is for enabling the company to continue as a going concern and to protect the interest of shareholders and creditors that such a power is conferred and must be exercised under section 536(2) of the Companies Act.
Section 50C creates a legal fiction for taxing capital gains in the hands of the seller and it cannot be extended for taxing the difference between apparent consideration and valuation done by Stamp Valuation Authorities as undisclosed investment u/s 69 in the hands of the purchaser.
When the scheme of financing adopted by the assessee company is explained in a convincing manner, it is not fair on the part of the lower authorities to treat a part of the deposits as unexplained only for the reason that inch-by-inch documentary particulars were not furnished before them in respect of that remainder deposits.
Even in a case where proceedings for detection of concealment is going on during the assessment proceedings, the assessee surrenders some income and AO drops the proceedings of detection of concealment by accepting assessee’s surrender without making further examination or investigation regarding detection of concealment, it can be held that it is not a case of concealment of particulars of income or furnishing of inaccurate particulars of income; because in that situation, the AO does not record satisfaction as required u/s 271(l).
