1. Major amendments have been made in the compliance & procedural aspects of provisions related to TDS / TCS.
2. Companies relieved as of now because of suspension of AS – 11 implementation.
3. P&HHC in the case of a Star Resorts, for determination of actual cost for purposes of allowance of tax depreciation u/s 32 of the Income Tax Act, interestingly, P&HHC has interalia held that in case an assessee is not able to lead actual evidence for actual cost of subject holiday resort, on which depreciation is sought to be claimed, AO may rely on Valuation report of Deptt Valuation Officer to determine actual cost and allow depreciation thereon.
4. P&HHC in the case of S.K.Kaintal, in context of characterization/classification of gains received from sale of agricultural land being capital gains or business gains(purchased at cost of Rs 46,000 in 1983 & sold in 2003 & 2004 at Rs 46 lacs (app)), while affirming assessee’s stand (since accepted by CIT-A & ITAT), P&HHC while analyzing series of case laws on the subject issue, in the background that since no development activity is carried by assessee on subject land post its purchase, as apparent from material on record, has held that said gains are taxable under the head “capital gains”
5. P&HHC in the case of Sunil Kumar Goel, in context of levy of penalty on cash acceptance /repayment of loan transaction, in excess of specified amount, under section 271D & 271E resp., it is held that if transactions are between the family members or with sister concern, due to business exigency and are bonafide transactions (not aimed to avoid tax liability and/or in nature of technical/venial breach), same being reasonable cause u/s 273B of the Act, no penalty is leviable under aforesaid provisions.
6. Allahabad High Court in case of Dr Deepak Aggarwal, in context of reopening of regular assessment post finding in ITAT appeal order for search assessment u/s 158BC, as to genuineness of gift obtained by assessee (disclosed in normal course/return as same was obtained through regular bank account) can be examined in regular assessment, it is interalia held that section 150(1) of the Act, dealing with reopening without time limit to give effect to ITAT order, is clearly attracted in facts of instant case and hence, subject reopening has been upheld since same was intended to give effect to said direction/order of ITAT.
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