S. 69 :Unexplained investments -Addition for alleged “on-money” paid for purchase of jewellery solely on the basis of statement of third party and documents found in search of another person, without any incriminating material found in assessee’s search and without corroboration, is unsustainable – Assessee cannot be asked to prove a negative – Addition cannot be made merely on conjectures and surmises. [ S. 132, 132(4), 153A ]

S. 263 : Commissioner – Revision of orders prejudicial to revenue –
Charitable trust – Limited scrutiny – Payments to specified persons u/s 13(3) – AO having made detailed enquiries and accepted explanation, PCIT cannot set aside assessment merely for “further verification” without himself recording how order is erroneous – Inadequate enquiry is not enough – PCIT must establish error by own enquiry – Revision quashed. [ S. 12A, 13(3) , 142(1) ]

S. 151 : Reassessment – Sanction for issue of notice – After the expiry of four years – Sanction u/s 151 was issued by CIT( E ) instead of joint Commissioner -Wrong authority – Effect of TOLA-Relying on Rajeev Bansal order reassessment notice and consequential order was quashed . [S. 147,148, 151(2) , TOLA, 2020 , Art. 226 ]

Direct Tax Vivad se Vishwas Act, 2020:

S. 3 : the Amount payable by declarant-Benefit of VsV scheme cannot be denied for marginal delay and resultant shortfall where such delay is attributable to revenue’s errors and portal glitches. [S. 5, Art. 226]

Black Money Act, 2015,

S. 50 : Punishment for failure to furnish return-Issuance of process-Inquiry under S. 202(1) of Criminal Procedure Code, 1973 mandatory where accused resides outside Magistrate’s jurisdiction-Court quashed the order and remanded the matter to the Magistrate for fresh consideration after complying with the procedure laid down in Section 202(1) of the Criminal Procedure [S 200 & 202(1) of the Criminal Procedure Code, 1973, 200, 202(1)]

S. 276C : Offences and prosecutions-Wilful attempt to evade tax-Deletion of penalty by Tribunal-Criminal prosecution based on same facts not sustainable and is liable to be quashed. [S. 271(1)(c), 277, 278B, 278E]

S. 271(1)(c) : Penalty-Concealment-Bona fide claim for deduction-Disallowance arising from re computation of business profit by Assessing Officer does not amount to furnishing of inaccurate particulars. [S. 36(1)(viii)]

S. 271(1)(c): Penalty-Concealment-Incorrect claim in law-Depreciation-Capital gains-Inaccurate particulars-Gain on depreciable asset wrongly claimed as long-term instead of short-term capital gain-Revised computation filed and tax paid before assessment order-Penalty not leviable. [S.32, 45,50, 139]

S. 268A : Appeal-Monetary limits-Enhanced monetary limits specified in Circular No. 9/2024 apply retrospectively to pending appeals, whereas exceptions introduced in Circular No. 5/2024 apply prospectively-A disallowance of expenditure under section 40(a)(i) in an assessment under section 143(3) is distinct from TDS proceedings under section 201 and is not covered by the TDS exception in Circular No. 5/2024. [S. 40(a)(i),. 143(3), 195, 201, 260A]