S. 45: Capital gains- Transfer – Possession was handed over –Subsequent termination of contract by mutual consent and returned back the sale consideration received- Liable to capital gains tax in the year of handing over of possession of property [ S.2(47)( v), Transfer of Property Act,1929, S.53A,Registation Act 1908, 17(1A) ]

S. 271G : Penalty – Documents – International transaction – Transfer pricing -No adjustment was made – Failure to furnish documents -Filed belatedly – Levy of penalty is held to be not justified [S. 92CA, 273B]

S. 271(1)(c) : Penalty-Concealment–Capital gains not shown in the return–Assessment proceedings agreed to pay the tax as he was unaware of tax on sale of property–No malafide intention–Levy of penalty is held to be not justified. [S.45, 148]

S. 271(1)(c) : Penalty – Concealment – Capital loss was not allowed to be carry forward – With drawn in return filed pursuance of notice u/s 148- Every legal claim which was filed and which was not allowed by Revenue did not automatically lead to levy of penalty. [S.147, 148]

S. 271(1)(c) : Penalty–Concealment-Cancellation of registration-Not specifying specific charge whether concealment of income or inaccurate particulars of income-Levy of penalty is held to be not justified-Disallowance of part expenses–Expenditure on foreign tour – Foreign travel expenses of trustees-Credit card expenses–Payment to relatives- Levy of penalty is held to be justified. [S.10(23C)(vi), 11, 12 , 13(1)(c)]

S. 263 : Commissioner-Revision of orders prejudicial to revenue– AO to restrict disallowance to a certain percentage which was less than entire amount of such bogus purchases—Revision is held to be not valid. [S. 153A]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Non-Jurisdictional High Court-Revision is not possible. [S.80IB(10), 115JB]

S. 263 : Commissioner-Revision of orders prejudicial to revenue– Income from house property-Capital gains-Revision order was quashed on the ground that, to justify exercise of power vested by Statute u/s. 263, it was incumbent upon PCIT to demonstrate that at time of investment, property was not a residential property and in terms of Explanation 2(a), PCIT was required to demonstrate that order passed was without making enquiries or investigation. [S. 45, 143(3)]

S. 244A : Refunds–Interest on refunds–Month-Assessee had paid taxes and such taxes were refunded, assessee was to be paid interest at prescribed rate for every month or part of month comprising period from date of payment of tax to date on which refund was granted. If such period is a fraction of a month, the same shall be deemed to be a full month and the interest shall be calculated for the entire month accordingly. [General Clauses Act. S.3(35)]

S. 234E : Fee-Default in furnishing the statements-Fees levied u/s. 234E prior to 01.06.2015 in intimations made u/s. 200A was directed to be deleted. [S. 200A]