S. 271(1)(c) : Penalty-Concealment-Long term capital gains-Sale of land-Failure to discloses-Information through AIR-Explanation was not bonafide-Levy of penalty is held to be justified-Question of defects in the notice was not allowed to be raised first time before the High Court. [S. 143(2), 260A, 274]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Banking company-lapsed demand drafts, gift cheques etc-General Reserve-Write back allowed as business loss-Revision is held to be not valid. [S. 28(i)]

S. 261 : Appeal-Supreme Court-Decision of Jurisdictional High Court is binding though the SLP is pending before Supreme Court-Low tax effect-SLP filed by the revenue is dismissed as withdrawn due to low tax effect. [S. 14A, R.8D]

S. 254(1) : Appellate Tribunal-Powers-Revised return-Remanded to the Assessing Officer to assessee the original return. [S. 139(5)]

S. 254(1) : Appellate Tribunal-Duties-Condonation of delay of 317 days-Delay was condoned and CIT(A) is directed to hear the appeal on merits. [S. 250]

S. 245D : Settlement Commission-After a period of one year from settlement, revenue could not be allowed to raise said technical plea, as with mere change of Revenue Officer, opinion cannot be allowed to change. [S. 245C, 245D(4), Art.226]

S. 153A : Assessment-Search-Cash seized-Failure to produce material-Addition is held to be justified. [S. 132]

S. 153A : Assessment-Search-No incriminating material was found- Assessment attained finality-Completed assessment could not be disturbed. [S. 132, 143(1), 143(3)]

S. 147 : Reassessment-Principal officer-Director for short period-Assessee cannot be held to be Principal Officer-Notice was set aside. [S. 2(35), Art. 226]

S. 147 : Reassessment- After the expiry of four years-Deduction at source-Rent-Audit objection-Reassessment is held to be not valid. [S. 40(a)(ia) , 148 , 194I]