S. 2(42A) : Short-term capital asset – Capital gains – land received consequent to liquidation of company – Period of holding of land – from date of previous owner i.e., company – Assessable as long term capital gains- The land received as a result of liquidation of company – Does not amount to transfer of any capital asset within meaning of S. 50C of the Act .[ S. 45 ,46(2), 50C, 54F ]

S. 271F : Penalty – Return of income – Failure to furnish – Penalty cannot be levied if the estimated total income was less than maximum amount chargeable to tax – The basis of determination income in the assessment order cannot be said to be the basis for filing of return of income under section 139(1) of the Act- Penalty is deleted . [ S.139(1) , 144, 147, 148 ]

S. 271AAB:Peanlty -Search initiated on or after Ist day of July 2012-Not mandatory – Not specifying the specific charge – Penalty order is quashed . [ S. 132 ]

S. 271(1)(c) : Penalty – Concealment -Tax audit report mentioned the disallowance of expenses -Mistake while uploading the return -Department appeal is dismissed . [ S. 139, 260A, 274 ]

S. 270A:Penalty for under -reporting and misreporting of income – Incorrect reporting of interest income as appearing in 26AS – Enhanced claim under section 10(10) – Imposition of penalty is discretionary and not mandatory – Benefit of doubt must be given to the assessee- Penalty is deleted . [ S.10(10), 270A(6), Form No 26AS ]

S. 270A:Penalty for under -reporting and misreporting of income – Change of head of income – Income from house property – Business income – Penalty cannot bee levied for under reporting of income – [ S. 22, 24(a), 28(i), 270A(6)(a) ]

S. 263 : Commissioner – Revision of orders prejudicial to revenue – Mistake in calculation of tax at slab rate instead mentioned in section 115BBE – Mistake can be rectified under section 154 -Revision proceedings cannot be invoked . [ S.115BBE , 143(3), 154 ]

S. 250 : Appeal – Commissioner (Appeals) – Procedure -No power to dismiss the appeal on account of non -prosecution – Order of CIT(A) is set aside to decide on merits .[ S.250(6), 251 ]

S. 246A : Appeal – Commissioner (Appeals) – Appealable orders – Sole beneficiary of private discretionary Trust – Appeal could be filed beneficiary only and not by trust – Beneficiary is directed to file an appeal before CIT( A) by filing application for condonation of delay . [ S.160, 166 , 250]

S. 234C : Interest – Deferment of advance tax -Failure of the payer to deduct tax source – Interest on certain bonds and Government securities – Assessee can not be penalised by levy of interest . [ S. 143(1), 194LD ]