Whether notices issued u/s 143 (2) of the Income-tax Act, 1961 on or after 23rd June 2017 which are not in the prescribed format as per CBDT instructions [F.No.225/157/2017/ITA.II], despite the provisions of section 292B of the Income tax Act, renders the consequent assessment orders invalid?

Reference answered in the negative

a) Whether the provisions of Sec 149 (1)(c) of the Act, which prescribes the time limit for issuance of notice u*s.148 of the Act with regard to assets located outside India would be applicable only to a ‘Resident’ and not for ‘Non-Resident’?

b) Whether in the absence of an express bar in the provision to invoke the extended time period of 16 years for issuance of notice u/s. 148 to a ‘Non-Residence’ as per Section 149(1) (c) of the Act, can it be said that section 149(1)(c) applies only to Residence?

c) Whether the 4th proviso to Section 139(1) for declaration of foreign assets by a Resident only, would be an impediment for the ld.AO to reopen a Non-Resident’s case in accordance with Section 149(1)(c) of the Act, even if it is found that income which has accured/arisen in India has escaped assessment?

Allowed

That the Ld.Appellate Authority has wrongly and illegally confirmed the disallowance claimed u/s 36(1)(viia) being the provisions of Bad & Doubtful Debts ignoring the all pleadings, evidence and material on record and misconstrued the provisions as well as the statutory instructions of Reserve Bank of India being the Statutory Body of Banks?

Reference answered in the affirmative

Whether in the facts and circumstances of law, appellant is entitled to the benefit of reduction of 10% safe harbour limit(difference between the value adopted by Stamp Value Authority and sale consideration received by appellant) over and above the value adopted by Departmental Valuation Officer under section 56(2)(of the I.T. Act?

Reference answered in the affirmative

i. Whether the Franchise payment made by the Assessee is capital or revenue in nature? and

ii. In case, such payment is held as capital, whether the assessee is entitled to claim depreciation on the entire franchise fee and league deposit or the depreciation is allowable only on the annual instalment of franchise payment and league deposit actually paid by the Assessee?

Reference answered in the affirmative

Whether in the use of word “may” in Section 43 of the Black Money(Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 should be construed as “shall”. In other words, whether the imposition of penalty is mandatory once the requirements of Section 43 of the said Act are satisfied or there is a discretion in the Assessing Officer to impose the penalty or otherwise?

Reference answered in the negative

Whether an income which is not subject to tax on the doctrine of mutuality can be construed to be an “income which does not form part of the total income under this Act”, as understood for the purposes of section 14A of the Act?

Reference answered in the negative

1. Whether the object of an assessee Society to invest its income in the mode and manner as per provisions of Section 11(5 can be said to be an object of charitable nature?

2.Where an assessee society is having an object that its income will be invested in the mode and manner as prescribed u/s.11(5) of the Act and it invests its income in the FDRs, can it be said to be an application of the income for charitable or religious purposes?

Reference answered in the negative

Whether, in the facts and circumstances of the case, the amount received by both the assesses towards corpus distribution from the discretionary trust namely MIMOSA Trust, established outside India, as beneficiaries of the said trust on its dissolution are chargeable to tax in India in their hands under Section 2(24) r.w.s. 56(2)(vii) of the Income tax Act, 1961

Reference answered in the affirmative

Whether, in the case of private discretionary trusts whose income is chargeable to tax at maximum marginal rate, surcharge is chargeable at the highest applicable rate or at slab rates?

Allowed

Whether, as regards TP adjustment made in respect of interest paid/payable on FCCDs/NCDs/other debentures, which are denominated in Indian currency, the benchmarking is to be made by applying PLR A s against LIBOR?

Allowed

On the facts and circumstances of the case, Whether the time limit prescribed for the Assessing Officer to complete the Assessment under Section 144C (13) of the Act shall be reckoned from the date of original directions passed by the Dispute Resolution Panel under Section 144C (5) of the Act or the subsequent corrigendum to the directions passed in terms of Rule 13 of the Income Tax (Dispute Resolution Panel) Rules , 2009?

Allowed

Whether or not the transactions between an enterprise and its foreign permanent establishment can be considered ‘international transactions’ for the purpose of Section 92B, and accordingly, can be subjected to the arm’s length price adjustment?

Dismissed

Where dividend is declared, distributed or paid by a domestic company to a non-resident shareholder(s), which attracts additional income –tax (tax on distributed profits) reffered to in Section115-O of the income Tax Act,1961 (in short ‘the Act’), whether such additional income-tax payable by the domestic company shall be at the rate mentioned in Section 115-O of the Act or the rate of tax applicable to the non-resident shareholder(s) with reference to such dividend income.

Dismissed