S.47(xiiib): Capital gains – Transaction not regarded as transfer – Conversion of firm in to LLP– Transfer -On cumulative satisfaction of conditions (a) to (f) of proviso to section 47(xiiib) would not be chargeable to capital gains [ S.45 ]

S. 261 : Appeal – Supreme Court -Adjournment -An adjournment cannot be sought on the ground that Counsel is out of station-Opportunity was given to the counsel to argue the matter, however he could not argue the matter – The appeal was dismissed for non-prosecution-Court also observed that under no circumstances, application for restoration shall be entertained.

S. 68: Cash credits- Share capital – In the case of a Private company, onus is on assessee to prove identity, creditworthiness of subscribers and most importantly genuineness of transactions- Even if AO does not make inquiry, CIT(A) should do so-Relief cannot be given merely on basis of Ration Card, Share Application forms, Voter ID etc of the subscribers -Matter was set aside to AO to decide according to the law . [ S.131 ]

S. 68: Cash credits- Share capital- Share premium- Bogus share capital in form of accommodation entries- Directors were working as peons, receptionists etc, who have admitted that they have signed the documents as per direction of Mr Tarun Goyal- Details were filed ,however they have been not produced before the AO for examination- Deletion of addition by the Tribunal is held to be not justified .[ S.133(6) ]

S. 263: Commissioner – Revision of orders prejudicial to revenue – Depreciation on tenancy rights – Allowed in original assessment – Legally permissible view – Revision and disallowance by PCIT – Mere change in opinion – Revision is bad in law. [S. 32(1)(ii)]

S. 271(1) (c ): Penalty –Concealment – Charge is not specified – Inaccurate particulars of income – Levy of penalty on concealing particulars of income-Levy of penalty is held to be void ab initio- Explanation 5A . [S.153C, 274 ]

S. 264 : Commissioner-Revision of other orders–Claim was not made in the return-Employees’ contribution of Provident Fund were made before due date of filing of return-Dismissal of the revision petition by the Commissioner is held to be not justified – Commissioner is directed to decide the petition in accordance with law. [S.36(1)(va), 139, 143(1) ]

S. 244A : Refunds–Interest on refunds-Project competition method -Tax deduction at source–Tax deducted earlier years on the basis of payment- Income was shown in the year of completion of project – Assessment resulting to refunds- Entitle to interest from the date of payment to Govt. [S. 199]

S. 153A : Assessment–Search-No search in the premises of the firm –Writ to quash the notice is held to be not maintainable-Assesee has alternative remedy to purse the remedy available under the Act. [S. 124, 132(1), Art. 226]

S. 147 : Reassessment-Non-existent reason-Indexation cost was raised in the recorded reason–Court cannot allow the AO to improve upon the reasons in order to support the notice of reassessment- Execution of sale deed by virtue of the judgement of the High Court would relate back to the original agreement to sale, and the assessee is entitle to claim the benefit of cost of indexation from the said date. [S. 2(47), 45, 48, 148]