S. 11 : Property held for charitable purposes – Charitable activities results in a surplus does not mean that assessee exists for profit- If the surplus is ploughed back into the same charitable activities, the assessee cannot be said to be carrying out commercial activities in the nature of trade, commerce or business- Entitle to exemption . [ S.2(15) 12, 12AA ]

S. 10(38) : Long term capital gains from equities – Penny stocks- Burden is on the revenue to show with evidence the chain of events and live link of the assessee’s involvement in the scam including that he paid cash and in return received exempt Long term capital gains -Denial of exemption is held to be not jaustified-Addition cannot be made as unexplained income- Addition cannot be made on estimated commission for alleged accommodation entries . [ S.45 , 68,69C ]

S. 2(7A) : Assessing Officer – Jurisdiction- The Addl CIT is an Assessing Officer, he can act as such only if there is a notification issued by the CBDT u/s 120(4)(b) or if there is an order u/s 127 transferring jurisdiction from the DCIT to the Addl CIT -In the absence of either, the assessment order is without jurisdiction and has to be quashed as null and void- No estoppel against the law- Additional ground of assessee on jurisdictional issue is allowed . [ S. 2(28c ),120(4) 127 , 254(1) ]

S. 263 : Commissioner – Revision of orders prejudicial to revenue –
– Furnishing of Form 3CEB report electronically is mandatory as per Rule 12(2)- Revision order is held to be valid- For failure to deduct tax at source in respect of freight charges paid – Revision is held to be not valid . [ S.92E, 172 , 194C, 195 , R.12 , form 3CEB ]

S. 263 : Commissioner – Revision of orders prejudicial to revenue – Method of accounting construction contract – Completion method – Allocation of expenses -Accounting standard AS-7 – Revision is held to be not justified .

S. 251 : Appeal – Commissioner (Appeals) – Powers – Order passed with in month of conclusion of hearing , though dispatched after 3 months cannot be said to be null and void .

S. 54 : Capital gains – Profit on sale of property used for residence -Purchase of two adjacent flats – Could be treated as one residential house – Matter remanded for verification .[S.45 ]

S. 2(12) : Beneficial Owner-Provisional attachment-Return of money on cancellation of order–Appellant cannot be held to be beneficial owner – Attachment of bank account was set aside. [S. 2(9), 24]

S. 271D : Penalty–Takes or accepts any loan or deposit-Otherwise than by account payee cheque or account payee bank draft– Journal entries–Transaction bonafide–Not liable penalty.[S.269SS, 269T].

S. 268A : Appeal–Low tax effect-Entire tax effect being less than a sum of Rs. 2 lakhs, appeal filed by revenue was dismissed. [S.260A]