S. 50 :Capital gains – Depreciable assets – Block of assets – Rate of tax – Deeming fiction is to be confined only to section 50 and it could not convert short term capital asset into long term capital asset and vice versa for other purpose of Act – Rate of tax would be in terms of section 112 at rate of 20 percent and not 30 percent .[ S. 2(29AA) 2(29B ), 2( 42A) , 45 , 48,49, 112(1) ]

S. 276CC : Offences and prosecutions-Failure to furnish return of income-Subsequent filing of return-Adjudication in assessment proceedings is not relevant for prosecution-Petition to quash the proceeding is dismissed. [S. 139, 153A, 276C, Criminal Procedure code, 1973, S. 468]

S. 276CC : Offences and prosecutions-Failure to furnish return of income-Interest is levied-Presumption that office has extended the time for filing of return-No mensrea-Criminal appeal of Revenue is dismissed-Judgement of acquittal is affirmed-Delay in filing income-tax return-Entire tax is deposited.[S. 139, 142, 148, 278E]

S. 276B : Offences and prosecutions-Failure to pay to the credit tax deducted at source-Educational institution-Fee reimbursement-90 per cent of students delayed the payment of fees-Reasonable cause-Criminal prosecution is quashed. [S. 192B, 194A 194C, 194J, 201(1)(a), 278AA, 279, Criminal Procedure Code, 1976, S. 482]

S. 271(1)(c) : Penalty-Concealment-Capital gains-Deduction is rejected-Levy of penalty is justified-Undisclosed income-Gift received from non-Resident-Penalty is justified. [S.54B, 54F, 69, 158BC]

S. 271(1)(c) : Penalty-Concealment-Capital gains-Additional income is accepted in the revised return-Penalty notice not specifying the charge-Order of Tribunal deleting the penalty is affirmed.[S. 143(1), 148]

S. 271(1)(c) : Penalty-Concealment-Not specifying the charge-Order of tribunal deleting the penalty is affirmed. [S. 260A]

S. 271(1)(c) : Penalty-Concealment-Not specifying the charge-Order of Tribunal deleting the penalty is affirmed-SLP of Revenue is dismissed. [Art. 136]

S. 264: Commissioner-Revision of other orders-Principle of natural justice-Order passed without giving an assessee adequate opportunity to be heard is set aside.[S. 5, Art. 226]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Sale of immovable property-Allowing deduction on amount paid directly by purchaser to release charge of mortgage in property sold under attachment due to personal guarantee given by assessee-Discharge of debt-Order of the Assessing Officer to allow the claim is nether erroneous nor prejudicial to the interest of Revenue. [S. 143(3), 260A]