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]

S. 276 : Offences and prosecutions–Deposit of self assessment tax belatedly–No inference can be drawn that there was wilful attempt to evade on part of assessee to evade payment of tax-Prosecution was quashed. [S. 132, 140A, 276CC]

S. 271D : Penalty–Takes or accepts any loan or deposit–Burden is on assessee to prove reasonable cause–Burden is not discharged-Levy of penalty is held to be justified. [S. 269SS, 273B]

S. 271(1)(c) : Penalty–Concealment–Survey-Amount disclosed in the survey was included in return-Return was accepted–Levy of penalty is held to be not valid. [S. 133A]

S. 269UD : Purchase by Central Government of immoveable properties–Auction process is conducted bona fide and in public interest-Appellant given several opportunities to bid in fresh auction conducted but not doing so-Sale Confirmed in favour of fresh buyer-No arbitrariness.

S. 268A : Appeal–Monetary limit-Appeal dismissed as withdrawn [S. 260A]