S. 115BAA: Tax on income of certain domestic companies – – Concessional tax regime – Form No. 10-IC filed after the due date – Procedural lapse – Eligibility for concessional taxation – The Assessing Officer was directed to allow the benefit in accordance with law. [S. 139(4) , 115JB, Rule 21AE]

S. 43CA: Transfer of assets- other than capital assets- Full value of consideration- stock in trade-Agreement value – Stamp valuation – Difference between agreement value and stamp duty value – Tolerance limit – Retrospective application – Addition deleted. [S. 50C ]

S. 37(1): Business expenditure – Interest on delayed payment of TDS – Compensatory or penal in nature – Allowable as deduction. [Expln. to S. 37(1)]

S. 32: Depreciation – Goodwill arising on amalgamation – Excess consideration over net assets acquired – Depreciation allowable. [ S. 32(1(ii), Companies Act, 2013, S. 230,232]

S. 23: Income from house property – Annual value – Unsold flats held as stock-in-trade – Annual letting value – Estimation of rent – The matter was remitted to the Assessing Officer to ascertain the municipal rateable value and recompute the addition after giving the assessee an opportunity to furnish the relevant details [S. 22, 23(5), 24]

Income Declaration Scheme, 2016 (2016) 384 ITR 87 (St).Finance Act, 2016 (2016) 384 ITR 1 (St)

S. 182 : Return of income-Advance tax credit under Income Declaration Scheme, 2016-Assessee declaring undisclosed income under IDS, 2016 sought adjustment of advance tax and TDS already paid against liability-CBDT allowed credit of TDS but denied advance tax-High held that such denial is arbitrary and discriminatory and directed to grant credit for both-Supreme Court dismissed Revenue’s SLP-Held, taxes already paid, including advance tax, must be adjusted against IDS liability. [Income-tax Act, 1961, 139, 210, Art. 136]

S. 275 : Penalty-Bar of limitation-Acceptance and repayment of deposits in cash in excess of prescribed limit-Assessment order passed on 31-12-2010 with initiation of penalty proceedings-Reference made to Additional Commissioner on 7-6-2011 and penalty order passed on 30-12-2011-Six months’ limitation under section 275(1)(c) to be reckoned from date of initiation of penalty proceedings-Barred by limitation.[S.269T 271E 275(1)(c)]

S. 275: Penalty-Bar of limitation-Penalty proceedings under section 271DA were initiated against the assessee within a period of eleven days of culmination of assessment proceedings; this period could not be termed an unreasonable period, and therefore, it would not be necessary to examine whether the period of limitation would stand extended on account of such delay-Writ petition was dismissed. [S. 269ST, 271DA, Art. 226]

S. 275: Penalty-Bar of limitation-Acceptance of deposits in cash in excess of specified limit-Where assessment order which gave rise to penalty proceeding was dated 29.03.2004, limitation period should be reconciled in terms of proviso to section 275(1)(a) and that limitation prescribed under section 275(1)(a) which would have otherwise expired during period between 30.03.2020 and 30.03.2022 stood extended till 31.03.2022 due to o COVID-19-Penalty order under section 271D dated 19-8-2021 was passed within limitation period-Wit petition was dismissed. [S. 271D, 274, 275(1)(a)(c), TOLA, 2020, S. 3(1)(a), Art. 226]

S. 271(1)(c): Penalty-Concealment-Bogus purchases-Estimate of profit-Deletion of penalty is affirmed. [S. 69, S.145(3), S.260A]