S. 271D: Penalty–Takes or accepts any loan or deposit-Loan from partner–Bonafide belief–Levy of penalty is held to be not justified. [S. 269SS, 273B]

S. 263 : Commissioner-Revision of orders prejudicial to revenue- Return of income-Without audit report-Revised return along with audit report-Loss is allowed to be carried forward–Revision is held to be not valid. [S. 44AB, 80, 139(3)]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Issue of shares at premium-Commissioner had neither conducted any enquiry on issue nor recorded finding that assessee’s calculation was unsustainable in law-Revision is held to be bad in law. [S.56(2)(viib), R.11U, 11UA]

S. 253 : Appellate Tribunal–Appeal maintainability-Application filed under S. 7 of Insolvency and Bankruptcy Code, 2016, had been admitted and moratorium under S. 14 of 2016 code, had been declared-Appeal filed by revenue against assessee under provisions of Act, could not be allowed to be continued during course of moratorium period. [Insolvency and Bankruptcy Code, 2016, S.7, 14, 238]

S. 253 : Appellate Tribunal–Delay of 615 days–Health problem– Delay is condoned. [S. 253(3)]

S. 201 : Deduction at source-Failure to deduct or pay–Interest-Remittance of TDS was made online on prescribed date, credit to Government’s account was instant-No interest could be levied for delay in remitting TDS to credit of Government even if online portal showed a delayed date. [S. 201(IA)]

S. 145A : Method of accounting–Valuation-MODVAT credit does not have any impact on profit of assessee and thus, unutilised MODVAT credit could not be added to value of closing stock.

S. 120 : Jurisdiction of income-tax authorities-Additional Commissioner can function as an AO only when jurisdiction has been assigned to him-No directions or orders assessment order passed by Additional Commissioner was illegal and without jurisdiction. [S. 120(4)(b), 124]

S. 80HHC : Export business–Sale of scrap-Income from such scrap would tantamount to recoupment of cost of raw material/production and, therefore, was includible in profits of business.

S. 69C : Unexplained expenditure-Labour expenses-ad hoc disallowance-Held to be not justified. [S. 145]