S. 73 : Losses in speculation business–Non-banking company– losses can only be set off against speculative business income unless the gross total income of the assessee is under heads of income, other than income from profits and gains of business or profession. Loss in speculative business is allowed to be carried forward. [S. 72]

S. 45 : Capital gains—Transfer of assets—Depreciable asserts– Transfer of business undertaking-Holding company to subsidiary company-Assets of undertaking included intangibles like goodwill, intellectual property etc. their cost of acquisition could not be determined-Charging S. 45 for computation of capital gains did not apply-Not possible to compute capital gains-Not liable to capital gains tax. [S. 2(42A), 48, 50, 50B]

S. 45 : Capital gains–Capital asset–Agricultural land-Land situated at distance of 5 kms from limits of Municipal Corporation-It was not excluded from definition of term capital asset–Agricultural land within jurisdiction of municipality or cantonment board etc., having population not less than ten thousand-Liable to capital gains tax. [S. 2(14)(iii)(a)]

S. 37(1) : Business expenditure—Expenditure on scientific research—Contribution made to Institute of Road Transport-Though S.35(1)(ii) is referred–Weighted deduction not claimed– Held to be allowable. [S. 35(1) (ii)]

S. 12A : Registration–Trust or institution-Grant of benefit of S.11, 12 for the AY. 2011-12-Application for registration was submitted in AY. 2015-16–Proviso had to be read along with main proviso and not in isolation and contradiction-Registration can be given from the following financial year in which the application for registration is made and subsequent years. [S. 11, 12(2), 12AA]

S. 25 : Commissioner-Revision of other orders–Condonation of delay – Beyond six years-CBDT circular prescribing time limit for condonation-Not binding on High Court-Delay condoned and directed the Commissioner to decide on merit. [S. 2(ia)(i)(4), 25(1)( c ) (ii), I.T. Act, S. 264 Art. 226]

S. 276 : Offences and prosecutions–Deposit of self assessment tax belatedly–No inference can be drawn that there was wilful attempt to evade on part of assessee to evade payment of tax-Prosecution was quashed. [S. 132, 140A, 276CC]

S. 271D : Penalty–Takes or accepts any loan or deposit–Burden is on assessee to prove reasonable cause–Burden is not discharged-Levy of penalty is held to be justified. [S. 269SS, 273B]

S. 271(1)(c) : Penalty–Concealment–Survey-Amount disclosed in the survey was included in return-Return was accepted–Levy of penalty is held to be not valid. [S. 133A]

S. 269UD : Purchase by Central Government of immoveable properties–Auction process is conducted bona fide and in public interest-Appellant given several opportunities to bid in fresh auction conducted but not doing so-Sale Confirmed in favour of fresh buyer-No arbitrariness.