S. 2(24)(iv) : Income-Value of benefit or perquisite-Family arrangement-Lifting corporate veil-Benefit from receipt of shares-Sham and bogus-lifting corporate veil, without providing any cogent reasons could not have commented on said transaction as sham and bogus and by doing this he had overstepped provisions of Act and commented on third party assessee (beneficiary) which was not permissible.
S. 2(22)(e) : Deemed dividend-Share holder-10% share holdings-Transfer of shares before advancement of loan-Addition cannot be made as deemed dividend.
S. 2(14)(iii) : Capital asset-Agricultural land-Valuation-Matter remanded to the Assessing Officer with a direction to find out as to whether agricultural land fell within meaning of capital asset. [S. 56(2)(vii)(b)].
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Court is binding though the SLP is pending before Supreme Court-Low tax effect-SLP filed by the revenue is dismissed as withdrawn due to low tax effect.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]