S : 32: Depreciation – Intangible asset – Firm succeeded by Company – Revaluation of assets – Assessee is entitle to depreciation on actual cost incurred by it – 5th proviso will apply only in the year of succession and not in subsequent years and also in respect of over all quantum of depreciation in the year of succession – Order of Appellate Tribunal was quashed [ S.32 (1)(ii), 47(xiii) ]

S. 69A : Unexplained money – Search and seizure – Noting in diary of third party – Seized in the course of search – Without any corroborative evidence and had no authenticity, no additions could be made .[ S. 132 (4A) , 292C ]

S. 68 : Cash credits – Penny stock – Accomodation entries – Sale of shares – Capital gains – Exemption – Addition cannot be made on presumption – Entitle to exemption – When no incriminating material was not found in the course of search , no addition can be made – Estimation of commission was also deleted . [ S.10 (38) 45 , 69C , 132 ,133(6), 153A]

S. 263 : Commissioner – Revision of orders prejudicial to revenue – Penalty dropped by Assessing Officer on consideration of replies – Revision order directing the Assessing Officer to initiate penalty proceedings was quashed [ S. 132(4), 153A, 153C, 271AAB ]

S.43B: Deductions on actual payment – Employee’s contribution -paid before due date of filing of return –Allowable as deduction – Binding Precedent – Faceless assessment -Order of Jurisdictional High Court – binding on AO situated within territorial jurisdiction and respective first appellate authority. [ S. 2 (24)(x), 36 (1)(va), 139 (1), 143 (3) ]

S. 263 : Commissioner – Revision of orders prejudicial to revenue -Loss on account of sale of shares – Mere non-mentioning of reasons for allowing said claim of assessee by Assessing Officer would not make assessment order erroneous so as to invoke revision jurisdiction- Unabsorbed depreciation – Sale of land -Difference between stamp value and actual consideration received – Addition is justified – loss on sale of vehicle – Remanded to Assessing Officer . [ S.28 (i),50, 50C , 72, 143 (3) ,170 ]

S. 40(a)(i) : Amounts not deductible – Deduction at source -Non-resident –Advertisement expenses – Expenditure not claimed as deduction – No disallowance can be made- Matter remanded . [ S .30 to 38, 195 ]

S. 12AA : Procedure for registration –Trust or institution- Charitable objects- Registration cannot be denied on ground that no activities had been carried out by Trust [ S. 2(15), 11, 12A ]

S. 50C : Capital gains – Full value of consideration – Stamp valuation – Sale consideration more than District level committee rate – Addition is held to be not justified .[ S.45 ] S. 50C : Capital gains – Full value of consideration – Stamp valuation – Sale consideration more than District level committee rate – Addition is held to be not justified .[ S.45 ]

S. 28 (i) : Business loss- Commencement of business — Purchase and sale – A single transaction may constitute business – Business expenditure are allowable and loss is entitle to carry forward . [ S. 2 (13) 37 (1) , 79 ]