S. 263 : Commissioner-Revision of orders prejudicial to revenue-Fully convertible debentures-Transition amount-Accounting Standard 32-As per terms, would be of a fixed number of equity shares, criteria to classify financial instrument of convertible debentures were not indicative of any compounding financial instrument albeit it was equity-There would not be any transition amount requiring any adjustment in book profit as per section 115JB(2C)-No adjustment is required in the book profit by way of transition amount-Revision order is reversed. [S. 115JB(2C), 143(3)]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Assessment quashed by Tribunal-Revision order is bad in law. [S. 143(3), 153A]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Lack of enquiry-Operating ships in international traffic-valid Tax Resident Certificate-Revision is not valid-DTAA-India-Singapore. [S. 9(1)(vi), 44B,143(3), art, 7, 8]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Quantity details of consumption-Reflected in tax Audit-Depreciation-Book profit-Interest payment-Revision is not justified-Provision for warranty-Amortisation of employees stock option-Revision is held to be valid. [S. 37(1), 115JB, Form 3CD]

S. 253 : Appellate Tribunal-Appeals-Delay of 1563 days-Not given reasonable cause-Delay is not condoned.

S. 251 : Appeal-Commissioner (Appeals)-Powers-Cash credits-Unexplained investment-Assessing Officer made addition to income of assessee in respect of certain credit entries as unexplained credit-Commissioner (Appeals) could not have treated said addition as unexplained money under section 69A as he was not empowered to change provision of law qua item of which assessment was made. [S. 68, 69A]

S. 250 : Appeal-Commissioner (Appeals)-Procedure-Written submission was forwarded to the Assessing Officer-Failure to file rejoinder-It cannot be held that no reasonable opportunity was not given. [S. 68, 153A]

S. 249 : Appeal-Commissioner (Appeals)-Form of appeal and limitation-Condonation of delay-Order of CIT(A) is set aside and directed to condone the delay and decide on merit. [S. 249(3), 250(6)]

S. 234A : Interest-Default in furnishing return of income-Return is filed within time allowed by notice under section 153A, no interest would be leviable under section 234A. [S. 139(1), 153A]

S. 206C : Collection at source-Sale of vehicles to dealers-CBDT Circular No. 22 of 2016. dt. 8 th June 2016-Matter remanded to the Assessing Officer. [S. 206(IF),206C(6A)]