S. 48 : Capital gains – Computation – Full value of consideration – Conversion of a private limited company into assessee-LLP -Book value – Book value was to be regarded as full value of consideration for purpose of computation of capital gains .[ S.45 , 47 ]

S. 47A : Capital gains – Withdrawal of exemption – Conversion of firm in to LLP – Provision will apply only for purpose of withdrawing an exemption earlier availed by an assessee and not for determination of exemption under section 47(xiiib) of the Act .[ S. 45 47A(4)]

S.47(xiiib): Capital gains – Transaction not regarded as transfer – Conversion of firm in to LLP– Transfer -On cumulative satisfaction of conditions (a) to (f) of proviso to section 47(xiiib) would not be chargeable to capital gains [ S.45 ]

S. 261 : Appeal – Supreme Court -Adjournment -An adjournment cannot be sought on the ground that Counsel is out of station-Opportunity was given to the counsel to argue the matter, however he could not argue the matter – The appeal was dismissed for non-prosecution-Court also observed that under no circumstances, application for restoration shall be entertained.

S. 68: Cash credits- Share capital – In the case of a Private company, onus is on assessee to prove identity, creditworthiness of subscribers and most importantly genuineness of transactions- Even if AO does not make inquiry, CIT(A) should do so-Relief cannot be given merely on basis of Ration Card, Share Application forms, Voter ID etc of the subscribers -Matter was set aside to AO to decide according to the law . [ S.131 ]

S. 68: Cash credits- Share capital- Share premium- Bogus share capital in form of accommodation entries- Directors were working as peons, receptionists etc, who have admitted that they have signed the documents as per direction of Mr Tarun Goyal- Details were filed ,however they have been not produced before the AO for examination- Deletion of addition by the Tribunal is held to be not justified .[ S.133(6) ]

S. 263: Commissioner – Revision of orders prejudicial to revenue – Depreciation on tenancy rights – Allowed in original assessment – Legally permissible view – Revision and disallowance by PCIT – Mere change in opinion – Revision is bad in law. [S. 32(1)(ii)]

S. 271(1) (c ): Penalty –Concealment – Charge is not specified – Inaccurate particulars of income – Levy of penalty on concealing particulars of income-Levy of penalty is held to be void ab initio- Explanation 5A . [S.153C, 274 ]

S. 264 : Commissioner-Revision of other orders–Claim was not made in the return-Employees’ contribution of Provident Fund were made before due date of filing of return-Dismissal of the revision petition by the Commissioner is held to be not justified – Commissioner is directed to decide the petition in accordance with law. [S.36(1)(va), 139, 143(1) ]

S. 244A : Refunds–Interest on refunds-Project competition method -Tax deduction at source–Tax deducted earlier years on the basis of payment- Income was shown in the year of completion of project – Assessment resulting to refunds- Entitle to interest from the date of payment to Govt. [S. 199]