S. 11 : Property held for charitable purposes-Golf facilities to its members for promotion of sport-No element of activity of being in nature of trade, commerce or business-Interest earned from banks or financial institutions on investment of surplus funds arising from charitable activities was exempted from tax. [S. 2(15)]

S. 11 : Property held for charitable purposes-Educational Institution-Res judicata-Denial of exemption is held to be not justified. [S. 10(23C)(vi), 12AA]

S. 4 : Charge of income-tax-Bonus shares–Cannot be assessed as income.

S. 271B : Penalty-Failure to get accounts audited–Audit report is made available before completion of assessment–No loss to revenue–Levy of penalty is held to be not valid. [S. 44AB]

S. 271(1)(c) : Penalty–Concealment-Share capital with premium- Detection by investigation wing- Survey-Filing of revised return after survey is not with bonafide intention-Levy of penalty is held to be justified.

S. 271(1)(c) : Penalty–Concealment–Failure to show the interest income due to inadvertent mistake of accountant – Levy of penalty is not justified.

S. 263 : Commissioner-Revision of orders prejudicial to revenue– Loan from group companies-Assessing Officer had taken a conscious decision regarding non-applicability of section 2(22)(e) to loan amount in question while passing the original assessment order – Revision is held to be not valid. [S. 2(22)(e), 143(3), 153A]

S. 254(2) : Appellate Tribunal-Rectification of mistake apparent from the record–Tribunal can recall order and change its mind in even if draft copy is signed and order is dictated in open Court- Rectification application is held to be not maintainable. [S. 254(1) R.46A]

S. 254(1) : Appellate Tribunal-Powers-Stay-Valuation of unquoted equity shares–Huge difference-Prima facie-Based on method laid down in Rule 11UA-Stay is granted.[S. 56, R.11UA]

S. 234E : Fee-Default in furnishing the statements- Return of tax deducted at source—Late Fee—Fee can be levied only in respect of return filed after 1-6-2015.- Irrespective of the period to which the quarterly return pertains, where the return is filed after June 1, 2015, the AO can levy fee under S 234E-At the same time, for the period of delay falling prior to June 1, 2015, there could not be any levy of fees as the assumption of jurisdiction to levy such fees was prospective in nature. [S. 200A]