S. 56: Income from other sources – Redevelopment – Alternate permanent accommodation received by tenant – Mere execution and registration of redevelopment agreement, without completion of project and delivery of possession, does not amount to “receipt” of immovable property – Allotment of alternate premises in lieu of surrender of tenancy rights is for valuable consideration and cannot be taxed under section 56(2)(x). [ S. 2(47), 45, 56(2)(x ) ]

S. 271B: Penalty-Failure to get accounts audited-Failure to furnish audit report-Principles of natural justice Quantum assessment-Turnover-Gross receipts-Opportunity of hearing-Matter remanded to the file of CIT A). [S 44AB, 250]

S. 271AAB: Penalty-Search initiated on or after 1st day of July 2012-Additional ground-Undisclosed income-Penalty at 30 per cent is leviable where the assessee fails to satisfy the conditions prescribed for concessional penalty under section 271AAB(1)(a). [S. 132(4), 153A, 154, 254(1),271AAB, Rule 11 of the ITAT Rules]

S. 263: Commissioner-Revision of orders prejudicial to revenue-Reassessment-Long-term capital gains-Penny stock-Enquiry-Bogus capital gains-Inadequate enquiry-Revision order was set aside.[S. 10(38), 45, 147, 148]

263: Commissioner-Revision of orders prejudicial to revenue-Share capital and share premium-Lack of enquiry by the Assessing Officer on valuation of shares justifies revision, though the Commissioner cannot direct a straightaway addition. [S 56(2)(viib), 143(3)]

S. 263: Commissioner-Revision of orders prejudicial to revenue-Book profit-Amalgamation-Depreciation-Revision is invalid where it is based on incorrect facts and the Assessing Officer has already examined the depreciation claim arising from amalgamation.[S. 32, 115JB]

S. 263: Commissioner-Revision of orders prejudicial to revenue-Survey-Assessment completed after survey-One possible view taken by Assessing Officer-Explanation 2(a) to section 263 does not confer unfettered powers upon the Principal Commissioner to revise every assessment order merely because another view is possible.-Revision not valid.[S 69, 69A, 115BBE, 133A]

S. 253: Appellate Tribunal-Appeals-Vivad Se Vishwas Scheme, 2024-Revenue’s appeal-Infructuous. [Vivad Se Vishwas Scheme, 2024, S. 3]

S. 250: Appeal-Commissioner (Appeals)-Procedure-Ex parte order-Reassessment-Addition under S. 69A-Faceless proceedings-Matter remanded to the file of CIT(A). [S 69A, 147, 148, 151, 250(6)]

S. 250: Appeal-Commissioner (Appeals)-Procedure-Power to direct enquiry-Empowered to direct the Assessing Officer to make necessary enquiries and verify facts where the record so warrants-130 days delay in filing appeal-Incorrect affidavit given by the Assessing Officer-Delay was not condoned-Appeal was dismissed.[S. 153(5), 250(4)]