RAHUL SHARMA

Tuesday, March 2, 2021

Benefit of exemption from penalty is available if intention to evade tax doesn’t appear at any stage of proceeding

INCOME TAX : Where assessee had proved beyond doubt that in a bona fide belief he had deposited tax at rate of 1 per cent under section 194-IA on gross sale consideration considering seller as resident Indian and later on before conclusion of proceedings before Assessing Officer, he had deposited correct amount of tax at rate of 20.6 per cent and applicable interest, he had a reasonable cause for said failure and was duly eligible to get benefit of provisions of section 273B

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000196533/benefit-of-exemption-from-penalty-is-available-if-intention-to-evade-tax-doesn’t-appear-at-any-stage-of-proceeding.aspx

Amendment to sec. 80-IB restricting allotment of multiple units to same person is prospective in nature

INCOME TAX : Amendment to section 80-IB brought with effect from 19.8.2009 restricting allotment of more than one residential units in housing project to same person is prospective in nature and is not applicable to allotment made prior to said amendment

from www.taxmann.com Latest Case Laws https://ift.tt/3q32iyx

Monday, March 1, 2021

Requirement of taking “prior” permission of RBI before executing sale deed or gift deed by a non-resident is mandatory

FEMA, BANKING amp; INSURANCE : Section 31 of FERA Act is mandatory and transaction in contravention thereof is void or unenforceable

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000198521/requirement-of-taking-“prior”-permission-of-rbi-before-executing-sale-deed-or-gift-deed-by-a-non-resident-is-mandatory.aspx

Requirement of taking “prior” permission of RBI before executing sale deed or gift deed is mandatory: SC

Writ claiming to be owner of gold seized from job worker not acceptable if job worker filed appeal against such seizure

INCOME TAX : Where assessee, engaged in business of trading in gold jewellery, gave gold to a job worker for making jewellery which was seized from custody of said job worker as he failed to produce relevant documents, since appeal filed by said job worker against said seizure of gold was pending before Commissioner (Appeals), impugned writ petition filed by assessee claiming to be an owner of such gold could not be accepted

from www.taxmann.com Latest Case Laws https://ift.tt/3c3qLPl

Sec. 68 addition were unjustified as there was no incriminating material found during search

INCOME TAX : Where pursuant to search conducted upon group to which assessee company belonged, a notice under section 153C was issued against assessee, since Tribunal had recorded a finding of fact that there was no reference to any incriminating material related to assessee found during search, impugned notice under section 153C against assessee was unjustified

from www.taxmann.com Latest Case Laws https://ift.tt/3bJzmX4

Sec. 36(1)(iii) deduction couldn’t be disallowed if nexus between interest payment and business is established

INCOME TAX : Where assessee company, engaged in business of real estate, borrowed capital for acquiring a housing finance company by purchasing its shares so as to make funds readily available when required for development of a housing project or to fund any acquisition of real estate, since such investment in shares by assessee was for expansion of its real estate business, interest paid on such capital borrowed was to be allowed as deduction under section 36(1)(iii)

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000197472/sec-361iii-deduction-couldn’t-be-disallowed-if-nexus-between-interest-payment-and-business-is-established.aspx