S. 153 : Assessment – Reassessment – Limitation –Revision- When an is set aside or cancelled -Fresh assessment can be made only before expiry of two years from the end of the financial year in which the order u/s 263 was passed – Order giving effect-Though no limitation is prescribed the order should be passed within reasonable time – Delay of eight and half years is held to be not valid in law .[ S.263 ]
S. 147 : Reassessment –With in four years- Change of opinion- No new material-Reassessment is held to be bad in law . [ S.80IA(4 ]
S. 3 : Benami Transactions-Part payment of consideration or payment of stamp duty by person other than purchaser-Hindu Undivided Family-Purchases of properties in favour of wife much prior to sale of ancestral property-Properties could not be said to have been purchased in wife’s name from funds received by selling ancestral properties-Act cannot be applied retrospectively.
S. 269SS : Penalty-Mode Of receipt of loan and deposits-Not offering reasonable cause–levy of penalty is held to be justified. [S.271D, 273B]
S. 263 : Commissioner-Revision of orders prejudicial to revenue–Capital gains-Investment in two flats-Combined in to one residential unit–Possible view–Revision is held to be not valid. [S.45, 54F, 133A]
S. 263 : Commissioner-Revision of orders prejudicial to revenue–AO examined the claim in original assessment proceedings–Rule of consistency is applied–Revision is held to be not valid. [S.143(3), 80HHC]
S. 261 : Appeal-Supreme Court -Monetary limits-Tax effect of Less than of Rs. 1 crore-Appeal is allowed to withdrawn, leaving all the questions of law open. [S. 80HHC]
S. 260A : Appeal-High Court–Jurisdiction-Original Assessment in Delhi-Centralised at Ghaziabad after Search action-Punjab and Haryana High Court has no territorial jurisdiction to hear appeal. [S.143(3), 153A]
S. 226 : Collection and recovery-Modes of recovery-Insolvency proceedings initiated-Priority of debts-Creditor and department-Declaration of moratorium by National Company Law Tribunal against assesse-Petition is held to be infructuous [Insolvency and Bankruptcy Code, 2016, S. 14(1), Art. 226, 227]
S. 220 : Collection and recovery-Stay-Stay was granted subject to payment specified in the order.[S. 226]