S. 276B : Offences and prosecutions-Failure to pay to the credit tax deducted at source–Directors in charge, to show that offence occurred without their knowledge or due diligence exercised by them to prevent commission of offence-Non-issuance of separate notices, does not absolve directors in charge-Order f lower courts acquitting directors is held to be erroneous-Benefit of probation granted to accused directors of assessee and levy of fine. [S. 2(35), 278B]

S. 260A : Appeal High Court-Abatement of proceedings- Death of assessee on 18-6-2016-Legal heirs not brought on record in spite of time given repeatedly to revenue-Proceedings abated.

S. 147 : Reassessment-Second reassessment-New tangible material was found- Reassessment is valid-Order of single judge is affirmed. [S. 148, 149(1)(b)]

S. 147 : Reassessment—Within four years-Deduction allowed without discussion in original assessment — Reassessment on the ground that excess deduction was allowed is held to be valid. [S. 148]

S. 147 : Reassessment-Beyond four years-Explanation 3, to S.147 by Finance (No. 2) Act, 2009-After issuing a notice under S. 148, he accepts the contention of the assessee and holds that the income which he has initially formed a reason to believe had escaped assessment, has as a matter of fact not escaped assessment, it is not open to him independently to assess some other income-If he intends to do so, a fresh notice under S.148 would be necessary- Assessing Officer has no power to reassess other income not mentioned in notice under S 148. [S. 148]

S. 80HHC : Export business-Income derived-Profits due to exchange fluctuation and provision written back–Entitle to deduction.

S. 35AD : Deduction in respect of expenditure on specified business-Hotel business- Certification of Hotel as three-Star Category Hotel in subsequent year-Deduction cannot be denied on the ground that Certification was in later year. [S. 35D(5)(aa)]

S. 28(i) : Business loss-Fertiliser Bonds Issued By Central Government In Lieu of subsidy-Sale of Bonds at price Lower than face value-Loss is allowable as business Loss.

S. 28(i) : Business loss- Capital or revenue-Investment in shares as Stock-in-trade-Consistency method-Loss is allowable as business loss. [S. 45]

S. 14A : Disallowance of expenditure – Exempt income – Recording of satisfaction- Mixed funds – Maxopp Investment Ltd. v. CIT (2018) 402 ITR 640 (SC) does not lay down a proposition that the moment it is demonstrated that the assessee had availed of mixed funds, i. e., interest-free as well as interest bearing funds and utilized them for making investments into securities earning tax-free income and the rest applicability of section 14A read with rule 8D would be automatic Resorting to the method prescribed under rule 8D is not automatic-Deletion of addition by the Tribunal is held to be justified. [R. 8D]