S. 263 : Commissioner-Revision of orders prejudicial to revenue-Capital gains-Capital loss-Loss on reduction of shares-Assessable as capital loss-Capital loss can be set off against any other capital gains-Transfer-Reduction of capital resulting in extinguishment of right on shares amounts to transfer-Two possible views-Revision is not valid. [S. 2(47), 143(3)]
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Capital gains-Search and seizure-Stamp duty valuation-No new discovery of fact-Order of revision is quashed. [S. 45,48, 50C, 153A]
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Limitation-Reassessment order is quashed by Tribunal-Original order sought to be revised in revision proceedings is barred by limitation-No error in assessment order-Revision order is quashed.[S.133(6), 143(3), 147, 148]
S. 254(2A) : Appellate Tribunal-Stay-Non application of mind by the Assessing Officer-Recovery of outstanding demand is stayed for 180 days from date of the order till disposal of appeal, which ever is earlier. [S. 154, 254(1)]
S. 249 : Appeal-Commissioner (Appeals)-Form of appeal and limitation-Delay of 454 days is condoned-Survey-Non payment of admitted tax-Matter remitted to Commissioner (Appeals) to decide on merit for fresh consideration.[S.133A, 249(3) 249(4)(b)]
S. 246A : Appeal-Commissioner (Appeals)-Appealable orders-Delay of 9 days-Delay is condoned-CIT(A) is directed to condone the delay and decide on merits. [S.200A(1)(c), 234E]
S. 246A : Appeal-Commissioner (Appeals)-Appealable orders-Delay of 133 days-Reasonable cause-Delay is condoned-Matter remanded to the CIT(A) to decide on merits. [S. 12A, 68, 253 (5)]
S. 244A : Refunds-Interest on refunds-Shown any other income under the head business income-Assessable under the head income from other sources-Rate of tax unchanged-Addition of interest income is deleted. [S. 28(i), 56]
S. 153D : Assessment-Search-Approval-Approval of Joint commissioner-Mechanical approval-Final assessment on same day-Assessment order is annulled. [S. 132]
S. 158BC : Block assessment-Cash credits-Suppression of sales-Industry practice-Undisclosed income-Addition on total sale proceeds is unjustified-Un explained cash credit is affirmed. [S. 68, 132A]