S. 2(47): Transfer-Capital loss-Reduction of share capital-loss due to reduction in number of shares pursuant to the court order-Change in redeemable value of shares amounts to extinguishment of rights in shares-No transfer within meaning of Section 2(47) of the Act. [S 45, 260A 1]

S. 276CC: Offences and prosecutions-Failure to furnish return of income-First offence under compounding guidelines-Supreme Court allows compounding-Letter F. No. 285/35/2013 IT (INV.V)/108, dated 23-12-2014. [S. 119, 139(1),139(4), 139(8), 148, 153A, Guidelines for Compounding Offences, 2014,(2015) 371 ITR 7 (St), 279(2), Art. 136]

S. 276B : Offences and prosecutions-Failure to pay to the credit tax deducted at source-Failure to remit tax deducted at source in time to Central Government-Assessee furnishing supporting documents to show that delay was due to late receipt of fee reimbursement from state Government-Explanation for delay plausible and sufficient cause established-tax deducted at source deposited with interest for delay payment-Criminal proceedings quashed-Supreme Court-Special Leave Petition dismissed. [S. 278AA, Code of Criminal Procedure, 1973, S. 482, Art. 136]

S. 271AAA: Penalty-Search initiated on or after 1st June, 2007-Undisclosed income-Tax and interest paid-All conditions satisfied-Not mandatory-Discretion means sound discretion guided by law-Conditions under section 271AAA (2) satisfied-No penalty is attracted. [S. 132, 143(3), 271AA(1) 271AA(2), Art. 136]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Capital gains-The part consideration on account of immovable property sold was not received as cheques dishonoured-The assessee did not offer Capital Gain to tax during the relevant assessment year-Pr. CIT found that the AO did not examine details regarding dishonour of cheques-Assessment Order to be erroneous in so far as prejudicial to the interest of the Revenue-Order of Tribunal is affirmed by High Court-SLP is dismissed-S. 263, Explanation 2(a). [S. 45, Art. 136]

S. 260A: Appeal-High Court-Substantial question of law-High Court asked to formulate the second question of law as proposed by the Revenue as one of the substantial questions of law where High Court had already admitted the first question of law. [S. 13(1)(c), Art. 136]

S. 237: Refunds-Direction to Revenue to refund excess tax paid by assessee-Such direction was duly complied with after adjusting self-assessed liability-SLP to be disposed of. [Art. 136]

S. 197 : Deduction at source-Certificate for lower rate-Non-Resident-Most Favoured Nation-Protocol providing for deduction at lower rate-Tax to be deducted at rate as provided in agreement-DTAA-India-Netherlands. [S. 9(1) (1), Art. 10, Art. 136]

S. 148A: Reassessment-Conducting inquiry, providing opportunity before issue of notice-Revenue itself wanted the Order under S. 148A(d) to be set aside with liberty to issue fresh notice under S. 148A(b)-Order of High Court rejecting Writ Application of the Petitioner thereby affirming the order under S. 148A(d) is set aside with liberty as prayed for. [S. 147, 148, 148A(b), 148A(d), Art. 136]

S. 80DD: Medical treatment of dependent-Disability-Amendment made to S. 80DD vide Finance Act, 2022 cannot be applied retrospectively to policies taken prior to 2014. [Art. 32, 142]