S. 263: Commissioner – Revision of orders prejudicial to revenue – Depreciation on tenancy rights – Allowed in original assessment – Legally permissible view – Revision and disallowance by PCIT – Mere change in opinion – Revision is bad in law. [S. 32(1)(ii)]

S. 271(1) (c ): Penalty –Concealment – Charge is not specified – Inaccurate particulars of income – Levy of penalty on concealing particulars of income-Levy of penalty is held to be void ab initio- Explanation 5A . [S.153C, 274 ]

S. 264 : Commissioner-Revision of other orders–Claim was not made in the return-Employees’ contribution of Provident Fund were made before due date of filing of return-Dismissal of the revision petition by the Commissioner is held to be not justified – Commissioner is directed to decide the petition in accordance with law. [S.36(1)(va), 139, 143(1) ]

S. 244A : Refunds–Interest on refunds-Project competition method -Tax deduction at source–Tax deducted earlier years on the basis of payment- Income was shown in the year of completion of project – Assessment resulting to refunds- Entitle to interest from the date of payment to Govt. [S. 199]

S. 153A : Assessment–Search-No search in the premises of the firm –Writ to quash the notice is held to be not maintainable-Assesee has alternative remedy to purse the remedy available under the Act. [S. 124, 132(1), Art. 226]

S. 147 : Reassessment-Non-existent reason-Indexation cost was raised in the recorded reason–Court cannot allow the AO to improve upon the reasons in order to support the notice of reassessment- Execution of sale deed by virtue of the judgement of the High Court would relate back to the original agreement to sale, and the assessee is entitle to claim the benefit of cost of indexation from the said date. [S. 2(47), 45, 48, 148]

S. 147 : Reassessment-Identical issue is pending before CIT (A) for the AY. 2015 -16- Writ is held to be not maintainable. [S. 80G,115BBC, 148 Art. 226]

S. 147 : Reassessment-Report of investigation Wing- Accommodation entries–Assessment u/s.143(1)-Notice for reassessment is valid. [S. 143(1), 148]

S. 143(3) : Assessment-Jurisdiction-When the Commissioner requires the Assessing Officer to carry out inquiries with respect to specific issues, the jurisdiction of the Assessing Officer to pass fresh order must be confined to such issues only. [S. 263]

S. 142(2A) : Inquiry before assessment–Special audit–Audit report was provided to the assessee-AO shall allow the assessee to raise the objections to the said report and decide according to law – All issues are kept open. [S. 143(3)]