S. 50B : Capital gains-Slump sale-Sale of business as running concern —Sale is not of itemised assets-Transfer of goodwill and know-how did not give rise to capital gains as no cost of acquisition ascertainable-Not liable to tax. [S. 2(42C), 41(2), 45, 50(2), 50B(2) 55(2)(a), 260A]

S. 50B : Capital gains-Slump sale-Sale of business as running concern-Sale is not of itemised assets-Not liable to tax-SLP of Revenue is dismissed. [S. 2(42C), 41(2), 45, 50(2), 50B(2) 55(2)(a), Art. 136]

S. 37(1): Business expenditure-Capital or revenue – Purchase of software – Not necessary that income must be earned because of such expenditure.[S. 28(i)]

S. 12AB: Procedure for fresh registration Cancellation of registration with retrospective effect-On writ filed by the petitioner, the Court granted the interim stay-SLP of Revenue is dismissed. [S. 12A, 12AA, 12AB(4), Art. 136]

S. 12AA : Procedure for registration-Trust or institution-Charitable purpose-Object and genuineness of Trust-Tribunal justified in directing the Commissioner to grant registration and also approval under section 80G(5)(vi) of the Act. [S. 11, 80G(5)(vi), 254(1)]

S. 271FAA : Penalty-Furnishing inaccurate statement of financial transaction or reportable account-Rectified the defects-Revised Form No 61B within the time allowed under section 285BA(4)-Penalty is deleted. [ S. 285BA(4), Form No 61B]

S.271D: Penalty-Takes or accepts any loan or deposit-Loan from its director-Purchase of lands in name of company-Current account transaction-Neither loan or deposit-Penalty is deleted. [S. 269SS]

S. 271(1)(c) : Penalty-Concealment-No addition to the returned income-Making a wholistic view of factual panorama of case and circumstances, in which return for year could not be filed within stipulated time, it could be said that there was a reasonable cause, bringing case out of purview of Explanation 3 to 271(1)(c).[ S. 11, 12A, 12AA, 153]

S. 271(1)(c) : Penalty-Concealment-Failure to declare capital gains-Quantum addition is confirmed by the Tribunal-Penalty is affirmed.[ S. 45]

S. 270A : Penalty for under-reporting and misreporting of income-Excess claim of deduction-Penalty is confirmed at 200 per cent. [S. 270A(9)]