S. 4 : Charge of income-tax-A Government undertaking, nodal agency for propagation of non-conventional energy sources-Grants-in-aid from Government-Unutilised grants-in-aid placed in fixed deposit with banks-Interest earned is not income as unutilised grant-in-aid was also a part of grant-in-aid-Precedent-High Court-Fact that judgment of High Court is under challenge before Supreme Court is cannot be a ground for Tribunal not to follow it. [S. 260A Art. 136]

S. 4 : Charge of income-tax-Central excise subsidy from Central Government-Subsidy granted for setting up new unit in Sikkim-Capital receipt-Not liable to tax. [S. 28(i)]

S. 143(3):Assessment – Reassessment – After the expiry of four years -Rental income – Capital gains- Investment in a residential house – Change of opinion – Audit objection – TOLA – Disputed facts cannot be adjudicated in writ jurisdiction -Availability of alternate remedy – Writ petition is dismissed with liberty to file an appeal. [S. 23, 45, 54F, 144B , 147148, 151, 250, Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act (TOLA), Art. 226]

S.2(14)(iii): Capital asset-Agricultural land-Land is not used for agricultural purposes – Self- serving ledger entries- Property was sold before starting agricultural activity – Failed to file affidavit under Rule 10 of the Income Tax (Appellate Tribunal) Rules, 1963, pointing out that none of the Commissioner’s findings were contrary to the evidence on record or that the Commissioner or other authorities had grossly misread the documents on record- No substantial question of law – Order of Tribunal is affirmed . [ S. 45 , 260A , ITAT Rules , 1963 R. 10 .]

S. 271(1)(c) : Penalty-Concealment-Not specifying the charge-Penalty order is quashed.

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Capital gains-Full value of consideration-Stamp valuation-Property is transferred to Trust in assessment year 2017-18-Revenue has accepted the valuation-No addition can be made on account of stamp valuation in the assessment year 2018-19. [S. 11(IA), 45, 50C]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Company-Book profit-Voluntary liquidation-Section 115JB is applicable even to a company under voluntary liquidation.[S.115JB]

S. 250 : Appeal-Commissioner (Appeals)-Procedure-Ex-parte order-Principles of natural justice-Matter remanded to CIT(A). [S. 250(6)]

S. 254(2) : Appellate Tribunal-Rectification of mistake apparent from the record-Order of CIT(A) is without DIN-Issue did not form part of appeal-Assessee could not rectify his own lapse or mistake in miscellaneous application-Cash found and seized-Demonetized notes-Addition is made not merely on the basis of statement-Miscellaneous application is rejected-Amendment made in section 115BBE by Amending Act, 2016 prescribing higher rate of tax would apply to whole previous year 2016-17 relevant to assessment year 2017-18 even if requisition under section 132A of the Act-Miscellaneous application is rejected-Cash found with assessee was made on 14-11-2016-Cash seized by department-To be adjusted against tax liability of assessee was in nature of self-assessment payment-Adjusted while computing the interest u/s 234A. [S.115BBE 132A 140A]

S. 250 : Appeal-Commissioner (Appeals)-Procedure-Ex-parte order-Method of accounting-Construction work-Rejection of books of account-AO estimated net profit at rate of 4 per cent of total contractual receipts as against 1 per cent-CIT(A) dismissed the appeal ex parte-Matter is remanded back to Commissioner (Appeals) to decide issue on merit. [S. 145]