FIRST LAW

Income Tax Act, 1961 - S. 2(22)(e)  as amended in 1988  -  Interpretation of - W hether Section 2(22)(e) of the Act gets attracted inasmuch as a loan has been made to a shareholder, who after the amendment, is a person who is the beneficial owner of shares holding not less than 10% of the voting power in the Company, and whether the loan is made to any concern in which such shareholder is a partner and in which he has a substantial interest, which is defined as being an interest of 20% or more of the share of the profits of the firm.

Income Tax Act, 1961 - A  charge of interest under Section 234B(1) in regular assessment is not a necessary condition for charging interest under Section 234B(3).

Income Tax Act, 1961 - S. 143 - I f the capital gains on a transaction is exempted from payment of tax, the assessing officer has a duty to refrain from levying tax on the said capital gains and the assessing officer cannot, in such cases, refuse to grant relief under Section 143 of the Act to the assessee on the technical plea that the assessee has not filed a revised return.