Income Declaration Scheme 2016 (IDS) -Finance Act , 2016 ( 2016) 381 ITR 134 (St) (S. 178 to 196) , ( 2016) 384 ITR 165 (St)- ( Refer AIFTPJ. July 2016 )

S.195: Power to remove difficulties- Not depositing the first instalment with in time – Board refusing to condonation of delay – Concession and excess indulgence would demotivating effect on honest taxpayers making regular and prompt tax deposit -Dismissal of application is held to be justified [ S.184, ITA, S.119 Art.14 ]

S.37(1): Business expenditure — Provision for damaged goods -Held to be allowable .

S.28(i):Business Loss — Soft drinks — Product having limited shelf Life —Non useable or non saleable which was destroyed – Allowable as business loss .

S.28(i): Business loss — Litigation and bona fide dispute about goods at Bangladesh border – Foreseeable Loss — Held to be allowable . [ S.37(1), 145 ]

S. 54F : Capital gains – Investment in a residential house -Investment in new asset is greater than capital gains -Partly out of sale proceeds and partly with bank Loan —Exemption is available [ S.45 ]

S. 147 : Reassessment -No tangible material- Reassessment is held to be not valid [ S.148 ]

S.253: Appellate Tribunal – Tax Effect below prescribed limit -Appeal is not maintainable .

S. 263 : Commissioner – Revision of orders prejudicial to revenue – Cash credits -Share application money -Details were filed in the original assessment proceedings -AO is not to be expected to discuss each and every item of verification in assessment order- Revision is held to be not justified .[ S.143(3)]

S. 264 : Commissioner-Revision of other orders–Filed after expiry period of limitation- justified in dismissing the petition. [S. 143(3), 147]

S. 147 : Reassessment-After the expiry of four years-Interest income – Accrual- No failure to disclose material facts–Reassessment is bad in law. [ S. 5, 148]