S. 74: Losses- Capital gains- Short term capital loss from sale of shares – Issue of bonus shares – Sale of original shares – Loss is allowable to be set off against the long term capital gain – Allegation of colourable device is not accepted .[ S. 45 ]

Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015)

S. 43 : Penalty for failure to furnish return of income an information or furnish inaugurate particulars of an asset (Including financial interest in any entity) outside India –Failure to report foreign assets in the return- Employees Stock option- Tax is deducted at source – Failure to disclose – Income was disclosed – Penalty provision should not be invoked for punishing a technical /venial /bonafide breach of any statutory obligation – Bonafide actions of the tax payers must be excluded from the application of provisions of this stringent legislation- Levy of penalty is not valid . [ S. 2(11) ITAct , S. 17(2) ]

S. 275 : Penalty-Bar of limitation-Concealment of income-Disallowance of claim-Depreciation-[S. 22, 24,32, 271(1)(c)]

S. 271B :Penalty-Failure to get accounts audited-Failure to keep maintain-Retain books of accounts-Documents-Not maintained books of account-Penalty cannot be levied. [S. 44AA, 271A]

S. 271B : Penalty-Failure to get accounts audited-Share broker-Tax audit-Penalty-Commission income constitute turnover and not sale price of commodities-Penalty is deleted. [S.44B]

S. 271A : Penalty-Failure to keep maintain-Retain books of accounts-Documents-Audit of accounts-Once penalty is levied for non-maintenance of books of account, no penalty under section 271B can be levied. [S.44AB, 271B]

S. 271(1)(c) : Penalty-Concealment-Returned income and assessed income are same-Penalty for concealment of income cannot be levied.[S. 139]

S. 271(1)(c) : Penalty-Concealment-Disallowance of claim-Depreciation-Mere disallowance of claim penalty cannot be levied.-Penalty also quashed on the ground of limitation. [S. 22, 24, 32, 275]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Amounts not deductible-Deduction at source-Non-resident-Failure to deduct tax at source-Revision order is affirmed.[S. 10(38, 14A, 40(a)(i), R.8D]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Property held for charitable purposes-Application of accumulated income-AO failed to examine said issue during assessment proceedings, CIT(E) rightly set aside matter to file of AO for making a de novo assessment.[S.11(2), 11(3), 11(3)(d), 143(3)]