S. 263 : Commissioner-Revision of orders prejudicial to revenue-Bad debt-Provision for doubtful debts-Book profit-Assessing Officer did not show any application of mind and mechanically accepted statement of assessee-Principal Commissioner was justified in exercising his jurisdiction under section 263 of the Act. [S. 36(1)(vii), 115JB]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Capital gains-Assessment order was passed without making enquiry-In terms of clause (a) of Explanation 2 to section 263, assessment order was deemed to be erroneous in so far as it was prejudicial to interests of revenue-SLP filed by assessee against order of High Court was dismissed.[S. 45,263, Explanation 2, Art. 136]

S. 254(1) : Appellate Tribunal-Powers-Registration-Trust or institution-Observation of Tribunal that Director (E)’s view in that communication/order was correct-On appeal the Court held that Tribunal exceeded its jurisdiction in virtually upholding said communication/order on its merits-Observation of the Tribunal was directed to be ignored and the statutory authorities are directed to decide as prescribed by the law. [S. 12A,12AB, 253, 260A, Art.226]

S. 245D : Settlement Commission-Settlement of cases-Interim Board for settlement (IBS)-Deemed dividend-Undisclosed income-Remuneration earned-[S.2(22)(3) 132, 153A, 245C, 245D(4), Art. 226]

S. 245D : Settlement Commission-Search-Additional income-Finding of fact arrived at by Settlement Commission and in absence of any evidence found contrary to disclosure made, order passed by Settlement Commission was just and proper and required no interference. Writ petition of revenue was dismissed. [S. 132, 153A, 245C(1), 245D, Art. 226]

S. 244A : Refund-Interest on refunds-High Court directed the revenue to pay interest at 15 per cent per annum-Statutory fixed rate of interest is only 6 % per annum-Interim stay of High Court order-Court directed the assessee to refund amount of interest in excess of 6 per cent per annum. [Art. 136]

S. 237 : Refunds-Tax deducted at source-Revenue was directed to dispose the application within three months refund the amount within two months and if there was delay beyond two months the revenue would be liable to pay interest as per law. [Art. 226]

S. 237 : Refunds-Procedure lacunae-Not credited to bank account-Once assessee was entitled to refund, it has to be paid with all expediency-Revenue was directed to inform assessee within a period of four days. [Art. 226]

S. 220 : Collection and recovery-Assessee deemed in default-Waiver of interest-No genuine hardship was established, as financial disclosures were inadequate, failure to pay was not due to uncontrollable circumstances, evidenced by conflicting requests regarding seized assets and assessee’s inconsistent cooperation undermined claims of full compliance-Writ petition against rejection of waiver application is affirmed. [S. 220(2A), Art 226]

S. 164 : Representative assessees-Charge of tax-Beneficiaries unknown-Beneficiaries are to share benefit as per their investment made in proportion to investment made-Shares are determinate-Income of that respective sharer or beneficiaries is to be taxed in hands of beneficiary and not in hands of trustees-Tax effect was below taxable limit-SLP of revenue is dismissed.[S.268A, Art.136]