S. 10(1) : Assessment-Notice under section 10(1) jurisdictionally defective and violative of the principles of natural justice on account of simultaneous proceedings under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 and Income-Tax Act, 1961-Order was quashed. [S. 2(11). 4(3), 14, 59].

S. 17 : Wealth tax escaping assessment-Non-supply of reasons-Off-shore irrevocable discretionary trusts-Reassessment proceedings null and void owing to non-supply to the assessee of the reasons recorded-Off shore trust assets including immovable property in Singapore and London were not vested in the assessee and such assets held through offshore corporate vehicles are exigible only in the hands of such vehicles and not in the hands of the assessee-Deposits in offshore banks do not constitute an asset and hence are excluded from chargeability to tax under Wealth-tax Act-ITSC commission order is not binding on wealth tax proceedings. [S. 2(ea), 2(m)]

S. 7 : Valuation of asset-Asset sold 28 days after valuation date-Value determined at guideline value on date of sale is not proper-Valuation to be at market value on valuation date-Dispute as to extent of landholding-Matter remanded. [S. 7(1),

S. 5(i): Exemption-Asset-Urban land-Property held under trust-Land leased to educational institution-Building constructed-Lands cannot be held to be vacant lands-Not liable to wealth-tax. [S. 2(ea)(v), IT Act, S. 11, 13(1)(c)]

S. 2(e)(a) : Assets-Vacant Urban land-Not vacant land-Existing building was demolished-Semi finished building-Matter remanded for re verification.

S. 272A : Penalty-Failure to answer questions-Sign statements-Furnish information-Delay in filing return-Hospitalization of managing trustee-Reasonable cause-Assessing Officer is directed to delete the penalty. [S. 12AA, 139, 272(2)(e), 273B]

S. 271G : Penalty-Documents-International transaction-Transfer pricing-Diamond business-Maintaining primary books of account and documents-Transactions accepted to be at Arm’s Length-Failure by Transfer Pricing Officer to determine Arm’s Length Price independently by applying one of prescribed methods-Deletion of penalty is justified.

S. 271(1)(c) : Penalty-Concealment-Ad hoc disallowance-Penalty is not sustainable.

S. 271(1)(c) : Penalty-Concealment-Ad hoc disallowance-Penalty is not sustainable.

S. 271(1)(c) : Penalty-Concealment-Denial of exemption u/s 11-High Court admitted the appeal-Not specifying the specific limb of section 271(1)(c)-Penalty not leviable. [S. 11. 13, 260A]