S. 158BC : Block assessment – Search and seizure – Undisclosed income — Protective assessment— Altering protective assessment of assessee without any change or development in findings recorded in second block assessment order of other company — Second block assessment order in case of assessee vitiated — Assessee proved nature and source of credit entries in bank accounts of two companies sourced from another company and its subsidiaries — Tribunal order setting aside second block assessment order of assessee justified [ S. 132 , 260A ]

S. 148A: Reassessment – Conducting inquiry, providing opportunity before issue of notice – Prima facie material to indicate escapement of income from assessment — Objection of assessee considered – Order and notice is valid .[ S. 148A(b), 148A(d), 148 , Art. 226 ]

S. 143(3): Assessment – Insolvency of Assessee — Claims to Interim Resolution Professional include claims not yet adjudicated — Insolvency petition during pendency of assessment proceedings — Revenue aware of petition and its approval — No claim before Interim Resolution Professional — Order of assessment and demand is not valid . [Insolvency and Bankruptcy Code, 2016 , S. 31 , The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, Art. 226 ]

S. 250 : Appeal – Commissioner (Appeals) – Stay of recovery – Pendency of appeal before CIT((A) for more than four years – As on 26 -9 -2024 , 5, 80, 188 appeals are pending – Revenue is not able to resolve the appeals by classifying the Appeals as per the issues concerning , the recurring issues, covered issues, etc- The Court held that no recovery should be made from the petitioners of any outstanding dues from the petitioners whose Appeals are pending during pendency of petitions . [ S.220, 226 , Art . 226 ]

S. 4 : Charge of income-tax -Income – Capital or revenue – Member of Society – Hardship compensation amount received from builder is capital receipt – Not taxable as income from other sources .[ S.2(24), 56 ]

S. 3: Amount payable by declarant-Seventy five per cent. of amount determined under scheme paid-Slight delay in paying balance due to circumstances beyond control-Delay is condoned-Direction issued to the respondent to immediately take necessary steps for issuance of form 5 under the Direct Tax Vivad se Vishwas Act, 2020. [S. 4,5, Art. 226]

Direct Tax Vivad Se Vishwas Act, 2020,
S. 2(1): Legacy Dispute Resolution-Deposit of tax arrears-Dropping of cheque in the drop box-Delay of three days in delay of deposit of cheque due to circumstances beyond control. [ITAct, 119, S. 3, 4, Art. 226]]

S. 279 : Offences and prosecutions-Sanction-Chief Commissioner-Commissioner-Compounding of offences-Application-Limitation-Application can be filed either before or subsequent to launching of prosecution-Circular issued by Central Board Of Direct Taxes stipulating limitation period of 12 months-Contrary to legislative intent of provision-Relevant clause of Circular struck down-Matter remitted to decide application on the merits. [S. 119(1), 279(2), Art.226]

S. 276CC : Offences and prosecutions-Failure to furnish return of income-Eligibility to file declaration under scheme-Tax arrears-Not a tax arrear under VVSV Act, 2020-Rejection of application-Prosecution is not valid-SLP of Revenue is dismissed. [S. 139(1) 153A, Direct Tax Vivad Se Vishwas Act, 2020, S. 2(1(o), Art.. 136 ]

S. 264: Commissioner-Revision of other orders-Rectification of mistake-Long term capital gains-Time-Limit-Sale of flat inherited-Indexed cost of improvement-Omission of claim of deduction of Indexed renovation expenses in return of income-Rectification application is rejected on the ground that new claim was not raised earlier-Claim was accepted in other co-owners-Matter remanded for de novo consideration. [S. 45, 48, 50(C)(2), 143(3), 154, Art. 226]c