S. 225 : Collection and recovery-Stay of proceedings–ITAT has granted conditional stay against the recoveries–Sizeable amount was recovered–Contempt-Court directed not to recover further and pending the petition directed the petitioner to approach the ITAT for appropriate relief–Fresh petition was dismissed. [S. 226, 254(1), Art. 226]

S. 148 : Reassessment—Objection to reopening notice-Breach of procedure laid down by Supreme Court in case of GKN Driveshafts (India) Ltd. v. ITO (2003) 259 ITR 19 (SC)-Writ is held to be not maintainable. [S. 143(3), 147, Art. 226]

S. 147 : Reassessment-After the expiry of four years-Exemption– Excessive deduction-No failure to disclose material facts– Reassessment is held to be bad in law. [S. 11(1)(a), 11(2)]

S. 147 : Reassessment-After the expiry of four years-Interest on ECB-No failure to disclose material facts-Reassessment is held to be bad in law-DTAA-India-Mauritius. [S. 148, Art. 226]

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]