S. 263 : Commissioner-Revision of orders prejudicial to revenue– Provision for expenditure – Contingent-provision was certified by auditors as well as approved by shareholders of company-Revision to disallow the provision as contingent id held to be not valid. [S. 37(1), 145]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Capital gains-Profit on sale of property used for residence– Revision is held to be valid as the conditions of S. 54(2) had been violated as the assessee had not invested the capital gain in purchasing a new residential house before the due date of filing of return under S. 139(1) of the Act-Judgement of jurisdictional High Court is followed. [S.45, 54, 139(1), 139(4), 139(5)]

S. 263 : Commissioner-Revision of orders prejudicial to revenue- Investment in residential house-Position prior to 1-4-2015: Multiple residential units are included within sphere of S. 54F of the Act-Revision is held to be not justified. [S. 54F]

S. 254(2) : Appellate Tribunal-Rectification of mistake apparent from the record–Review of order is not permissible-Rectification application of the revenue is dismissed.[S.40A(3)]

S. 251 : Appeal-Commissioner (Appeals)–Powers–CIT (A) cannot dismiss appeal against penalty merely stating that in quantum proceedings additions has been confirmed; in penalty appeal, he has to mention point for determination again and reasons for levy-Matter remanded. [S.271(1)(c)].

S. 246 : Appeal-Deputy Commissioner (Appeals)-Appealable orders-Order passed by AO giving effect to directions of Tribunal, is an appealable order before CIT(A). [S.246A, 254(1)]

S. 56 : Income from other sources-Share premium-Two share holders-Brothers-Excess benefit was passed on to assessee was out of shareholding held by his brother-Provisions of S. 56(2)(viii)(c)(ii) would not apply-Balance sheet-Previous Balance Sheet which is audited and approved in AGM has to be taken into consideration, before allotment of shares. [S.56(2)(viii)(c)(ii), R.11U, 11UA].

S. 50C : Capital gains-Full value of consideration-Stamp valuation-variation is only 1.49%-Value declared to be adopted-Amendment brought in section 55A(a) by Finance Act, 2012, has to be read prospectively; such amendment shall apply to transactions which are effected during period started on or after 1-7-2012. [S.45, 55A(a)]

S. 43D : Public financial institutions-NHB guidelines will not bring automatic corresponding change in rule 6EB since, discretion is left to rule making authority to follow or not follow NHB guidelines as and when they are revised–Addition is held to be not valid. [S. 145, R 6EB]

S. 37(1) : Business expenditure-Finance lease-Rent paid during lease period is held to be allowable as business expenditure.