S. 4 : Charge of income-tax-Arbitral award-Deduction of tax at source-Amount deposited pursuant to interim order of Karnataka High Court-Right to receive had not crystallised and would be taxable only when dispute was finally resolved in assessee’s favour-Order of Tribunal set aside. [S. 145, 260A]

S. 4 : Charge of income-tax-Sales tax subsidy-Capital Investment Incentive Policy-Capital receipt-Order of Tribunal affirmed. [S.28(i), 260A]

S. 2(14)(iii) : Capital asset-Agricultural land-Classification of land is the exclusive prerogative of State under the Constitution of India, a Central Act cannot transgress into the domain of the State by providing a different definition of ‘agricultural land’ for the purpose of collecting income tax-Land was treated as agricultural land-Not liable to capital gains tax. [S. 45, 254(1)]

S. 197: Deduction at source – Certificate for lower rate – Foreign company –Non -Resident – No permanent establishment – Assessing Officer was directed to issue certificate for nil withholding tax. [S. 6(3),195, Rule 28AA, Art. 226 ]

S. 148A: Reassessment – Notice under section 148A(1) issued within the limitation, but material information was not furnished along with the notice – Subsequent supply of information after expiry of limitation – Invalid notice – Right issue of shares – Difference between the subscription price and the fair market value of the shares. Reassessment notice and consequential orders are quashed. [S. 56(2)(x), 147, 148, 148A(b), 148A(d), 149, Art. 226 ]

S. 56: Income from other sources -Rights shares allotted proportionately to existing shareholders – Difference between subscription price and fair market value cannot, by itself, be treated as income from receipt of property for inadequate consideration – Reassessment notice was quashed on merits as well as on legal grounds. [ S.56(2)(x) , 147, 148 , 148A(b) , 148A(d) , Art. 226 ]

S. 115BAC: Tax on income of individuals and Hindu undivided family – New tax regime – Option to opt out – Filing of Form No. 10-IEA opting for old tax regime – Contrary declaration in return of income – Prescribed form prevails – Deduction under old tax regime – Matter remanded [S. 143(1), 154, Chapter VI-A]

S. 153D: Assessment – Search and seizure – Prior approval of Joint Commissioner – Consolidated approval for multiple assessment years – Requirement of independent application of mind for each assessment year – Invalid approval – Assessments quashed – Order of Tribunal affirmed.[S. 153A, 153B, 143(3), 260A]

S. 144BA: Reference to Principal Commissioner or Commissioner in certain cases – General Anti-Avoidance Rule (GAAR) – Purchase and sale of bonus shares – Short-term capital loss – Set-off against long-term capital gains arising from slump sale – Transactions through a recognised stock exchange are not an impermissible avoidance arrangement – [S. 50B, 55, 70(2), 96(1)(b), 96(1)(d), 102(1), Chapter X-A, Art.226 ]

S. 115BAA: Tax on income of certain domestic companies – – Concessional tax regime – Form No. 10-IC filed after the due date – Procedural lapse – Eligibility for concessional taxation – The Assessing Officer was directed to allow the benefit in accordance with law. [S. 139(4) , 115JB, Rule 21AE]