S. 147: Reassessment-Lease rent-Unrealised gain-Depreciation-Absence of fresh tangible material-Reopening cannot be initiated on repetitive lease rent transactions accepted in past scrutiny assessments, unearned/unrealized foreign exchange hedging variations, or by applying prospective amendments on goodwill depreciation retroactively-SLP of revenue dismissed. [S. 32(1), 37(1),43(6) (c), 148, Art. 136]

S. 145: Method of accounting-Income-Accrual-Real income theory-Interest accrued on NPA loans is taxable where the assessee’s own conduct, such as extending further credit to the same borrowers, shows a realistic prospect of recovery; RBI Prudential Norms do not govern taxability under the Income-tax Act. [S. 4, 5]

S. 144C: Reference to dispute resolution panel-Time limit-Final assessment order to be passed within one month from the end of the month in which the directions of the Dispute Resolution Panel are received-Order passed about five months late-Timeline is mandatory-Order, computation sheet and demand notice quashed. [S. 143, 144B, 156]

S. 144B : Faceless Assessment-Failure to provide personal hearing through video conferencing against proposed variation and video conference was duly scheduled-Assessing Officer passed final order before such hearing-Order violated section 144B(6)(vii) and principles of natural justice-Order was quashed and set aside . [S. 143(3),144B(6)(vii), Art . 226]

S. 143(3): Assessment-Non-existing entity-Order passed in the name of non-existing amalgamated entities despite revenue’s knowledge-Application for additional evidence under Order XLI Rule 27 of CPC allowed-SLP dismissed. [S. 143, 260A, CPC Order XLI Rule 27, Art. 136]

S. 139: Return of income-Condonation of delay-Return uploaded eight minutes late owing to portal issues-Carry forward of business loss of about Rs. 21.33 crores denied under section 80-Minimal delay condoned to prevent grave hardship. [S. 44AB, 80, 119(2)(b), 139(1), Art. 226]

S. 127: Power to transfer cases-Income-tax authorities-A transfer under section 127 remains valid notwithstanding the quashing of the search under section 132. [S.132, 133A, Art. 136]

S. 119: Central Board of Direct Taxes-Circular-Property held for charitable purposes-Exemption denied due to 50 days delay in filing audit report Form 10B-Delay was condoned and directed to grant the exemption. [S. 11, 12A, 119(2)(b), Form No.10B, Art. 226]

S. 119: Central Board of Direct Taxes-Circular-Co-operative society-Delay in filing return-Genuine hardship-Shortage of departmental auditors empanelled under Odisha Cooperative Societies Act-Genuine hardship-Principal Chief Commissioner should have considered the application under Section 119(2)(b) appropriately by allowing the assessee to avail the benefit of Section 80P.[S.80P, 119(2)(b),139(1), Odisha Cooperative Societies Act, 1962 (OCS Act), S 62, Art . 226]

S. 119 : Central Board of Direct Taxes-Circular-Return of income-Condonation of delay-For condonation of delay under Section 119(2)(b), mere residence abroad, senior citizen status, or ignorance of tax laws does not constitute sufficient cause or genuine hardship; rejection of the condonation application is justified. [S. 119(2)(b), 139, Art. 226]