S. 50 : Punishment for failure to furnish return of income- Where the assessee did not disclose its foreign assets in the course of search as well as in the settlement commission proceedings, he was liable to prosecution under the provisions of Black Money Act. [S. , 55, 71 , ITA, S.153A, ]
S. 18(1)(c): Penalty –Concealment -Difference of opinion between the assessee and the department with respect to the valuation of the property is not a ground for levy of penalty.
S. 2(ea) : Assets–Commercial establishments or complexes- Exception provided in S. 2(ea)(i)(5) covers all commercial establishments, whether they have one unit or more. [S.2(ea)(i)(5)]
S. 271AAA : Penalty – Search initiated on or after 1st June, 2007 – Manner of earning the undisclosed income to be given in the statement under 132(4) only if a question is asked to that effect- Deletion of penalty is held to be justified . [ S.132(4) ]
S. 263: Commissioner – Revision of orders prejudicial to revenue –
-Doctrine of merger- Where 80-IC deduction was originally denied by the AO on one ground which was subject matter of CIT(A) and the disallowance was deleted by CIT(A)-CIT could not invoke revision jurisdiction to deny the deduction on another ground. [S.80IC ]
S. 158BD : Block assessment – Undisclosed income of any other person – To hand over the seized material to the AO of the said person to proceed u/s. 158BC-No substantial question of law .. [S. 158BC, 260A]
S. 147 : Reassessment – Change of opinion- Reassessment in the absence of any new material on record amounts to change of opinion- Reassessment proceedings to be quashed. [ S.148 , 154]
S.147: Reassessment-With in four years- In the absence of assessee’s failure to disclose facts, reassessment was to be quashed. [ S.148 ]
S. 147 : Reassessment – After the expiry of four years- Outstanding creditors for more than 10 years –Capital gains- Where the assessee had made the due disclosure, assessment could not be reopened after four years from the end of the Assessment year. [S. 41(1), 45, 115-O]
S. 145 : Method of accounting–Accrual- Surcharge receivable from customers on delay in payment of electricity bill taxable on receipt basis and not accrual basis. [S. 4, 5]