S. 271G : Penalty-Documents-International transaction-Transfer pricing-Neither Assessing Officer nor Commissioner (Appeals) asked to furnish any specific information or documents-Penalty is deleted. [S. 92B,92D(3), 273B]

S. 271(1)(c) : Penalty-Concealment-Pendency of quantum appeal before CIT(A)-Assessing Officer at liberty to proceed in accordance with law after decision of pending quantum appeal.

S. 271(1)(c) : Penalty-Concealment-Undisclosed income determined based on materials seized during search-Not a case of estimation of income-Penalty is justified.[S. 69, 132, 153A]

S. 271(1)(c) : Penalty-Concealment-Failure to indicate limb under which proceedings initiated-Penalty is deleted. [S.133A]

S. 271(1)(c) : Penalty-Concealment-Business loss-Carry forward and set off-Pendency of appeal-Claim cannot be termed incorrect or erroneous or false —Levy of penalty is not justified.

S. 271(1)(c) : Penalty-Concealment-Purchases entered with stock register-Corresponding export-Ad-hoc estimate-Penalty levied under both limbs-Penalty is deleted.

S. 271(1)(c) : Penalty-Concealment-Penalty-Notice not specifying charge-Notice not valid.[S.273B]

S. 270A:Penalty for under-reporting and misreporting of income-Penalty not leviable if ingredients specified for misreporting is not established by Assessing Officer. [S.270A(9)]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Fund investors resident of various countries-Non-fulfilment of condition of Liable to tax-Tax Exemption by resident country does not give right to Revenue Authorities to tax income in contracting State —Derivatives-Contention of Principal Commissioner that income earned from derivatives not business income is not accepted-Revision order is quashed. [S. 2(29A),6, 10(23FE, 900, 90A]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Limited scrutiny assessment-Principal Commissioner issued show-cause notice entirely different from issues selected for limited scrutiny-Assessing Officer cannot go beyond reasons of limited scrutiny-Principal Commissioner cannot pass revision order on other aspects-Revision order is quashed. [S. 143(3)]