S. 54 : Capital gains – Profit on sale of property used for residence – Development agreement – Indexed cost of acquisition – Assessee entitled to indexation on entire property and not restricted to 22.5% land share – Multiple floors in same redeveloped building constitute one residential house – Deduction u/s 54 allowable.[ S.2(47), 45 , 48 ]

S. 271E : Penalty-Repayment of loan or deposit-Reasonable cause-Bona fide transaction duly reflected in books-No intention to evade tax-Penalty not sustainable. [S. 269T, 273B]

S. 271(1)(c) : Penalty-Concealment-Inadvertent data feeding mistake in the return-Audit report-Voluntary disclosure of the income-Penalty deleted. [S. 44B, 115JB, 139(5)]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Survey-Lack of proper enquiry-Specific show-cause notice-Excess stock-Principal CIT unjustified in invoking revisionary jurisdiction-Tribunal order affirmed. [S. 69, 115BBE, 133A, 260A]

S. 260A : Appeal-High Court-Review-Order passed on concession given by counsel-Review not maintainable. [S. 260A(7), Code of Civil Procedure, 1908, Order 47, R. 1]

S. 260A : Appeal-High Court-Cross objections-Right of respondent-assessee to file cross-objections-The right to prefer cross-objections is statutorily recognised by S. 253(4), Parliament chose not to confer such a right upon a respondent in an appeal referable to the former-Legislative silence may sometimes resonate louder than express words and which may be either ambiguous or capable of more than one interpretation-Cross objection not maintainable . [S.253 (4), 256(1), 260A(3), 260A(4), 260A(6), 260A(7), Civil Procedure Code, 1908,S.100, Order XLI R. 22]

S. 254(2): Appellate Tribunal-Rectification of mistake apparent from the record-Failure to appear due to indisposition of advocate-Order of Tribunal quashed and set aside-Appeal restored.[S. 254(1), Art. 226]

S. 253 : Appellate Tribunal-Appeal-Delay of 1797 days-Reasonable cause-Affidavit-Liberal approach in condonation-Tribunal not justified in dismissing appeal without considering explanation-Delay condoned and matter remanded. [S. 254(1), 260A]

S. 245: Refunds-Set off of refunds against tax remaining payable-Recovery-Revenue has not issued any prior notice or intimation for making adjustment-Order set aside and refund directed to be paid with interest. [S. 220, 222, 237, Art. 226]

S. 222: Collection and recovery-Certificate to Tax Recovery Officer-Priority of secured creditor over Government dues-Prohibitory order-Prior hypothecation-Revenue’s inaction-Attachment cannot impede auction sale.[Art. 226]