S. 2(14)(iii) : Capital asset – Agricultural land – land sold being situated within municipal limits of Thanesar City – AO rightly considered land as non-agricultural land — Contention that benefit of S 54F is to be given could not be accepted since it was not raised before any of the lower authorities. [S. 45, 54F]
S. 264 :Commissioner – Revision of other orders – Amount mistakenly paid as tax- Revision is not maintainable – Duty of the revenue to refund the amount- Substantial justice should prevail over technical considerations . [ S.119 ]
S. 264 :Commissioner – Revision of other orders – Application for condonation of delay cannot be dismissed for technical reasons —Principle of substantial justice- Matter remanded . [ S.80P ]
S. 158BFA : Block assessment – Penalty – Legal representative-
No proceedings for penalty for concealment of income was initiated against person prior to his death — Penalty cannot be imposed on legal representatives .[ S. 158BC, 159 271(1)( c ) ]
S. 147 : Reassessment –With in four years- Change of opinion- Details were submitted in the original assessment proceedings – Reassessment for purpose of verification and investigation is held to be not valid .[ S.148 ]
S.147: Reassessment-After the expiry of four years- Failure to disclose material facts – Reassessment notice is held to be valid- Disputed questions of facts — Alternative remedy of appeal – Notice of reassessment is held to be valid .[ S.148 , 151 , Art .226 ]
S.147: Reassessment-After the expiry of four years- No failure to disclose material facts – Denial of exemption in subsequent year is not aground for reassessment .[ S. 10A, 148 ]
S. 144 : Best judgment assessment – Not responding to notices and summons – Best judgement order is held to be valid – Cancellation of registration and exemption is also held to be valid . [ S.10 (23C) (vi), 12AA, 132, 142(1) 143(2) 153A ]
S. 144 : Best judgment assessment –Accommodation entries – Purchase of fictitious silver items – Unexplained sales – Sales not substantiated by providing identity and credit worthiness of buyers – Rejection of books of account is held to be proper – Cryptic order -Addition made by the AO is affirmed .[ S.132, 145(3) , Voluntary Disclosure Of Income Scheme, 1997 .]
S. 54EC : Capital gains – Investment in bonds -Part consideration in escrow account – Invested in the year of receipt -Entitle to exemption .[ S.45 ]