S. 143(1) : Assessment-Intimation-Prima facie adjustment-Deduction examined and allowed in regular assessment cannot subsequently be disallowed under section 143(1)-Revenue is directed to refund the amount as adjusted against the outstanding demand with applicable interest in a time-bound manner within period of eight weeks. [S. 10B, 143(1), 143(3), 154, 245, Art. 226]

S. 139 : Return of income-Updated return-Updated return under section 139(8A) cannot be filed where assessment proceedings are pending-Press Release dated 23-12-2025 applicable only to identified taxpayers. [S. 139(8A), 143(2), 143(3), 144B, Art. 226]

S. 92C: Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Draft assessment order-Assessment order passed without considering objections filed before DRP cannot be sustained merely because a copy of the objections was not forwarded to the AO. (S. 92CA, 144C(2)(b), 144C(4), Art. 226]

S. 80P : Co-operative societies-Return of income-Chapter VI-A-Deduction under section 80P cannot be allowed in the absence of a return of income. [S. 80P(2), 80A(5), 139,142(1), 260A]

S. 80P: Co-operative societies-Interest received from co-operative banks is eligible for deduction under section 80P(2)(d). [S. 80P(2)(d), 80P(4), 260A]

S. 69A: Unexplained money-Income from Undisclosed Sources-Cash deposits-Partner-Firm-Addition upheld where explanation regarding capital contribution by partners was unsupported by evidence. [S. 254(1)]

S. 44AF : Retail business-Computation-Business income-Presumptive taxation-Return filed under section 44AF cannot be treated as defective for non-furnishing of particulars required under section 139(9)-Entitled to the consequential refund. [S. 44AF, 139(9), Art. 226]

S. 10(23BBA): Income of any body or authority-Exemption is available only to the statutory body or authority administering religious institutions and not to the institutions themselves. [S. 11, 12, 12A, Art. 226]

S. 271D: Penalty-Takes or accepts any loan or deposit-Failure to record satisfaction-Penalty order was quashed-SLP of revenue dismissed on account of delay of 359 days and also on merits. [S. 269SS, Art. 136]

S. 271AAB: Penalty-Search cases-Period of limitation-Penalty initiated in the assessment order, which was carried in appeal to the Commissioner (Appeals) and the Tribunal-Limitation governed by section 275(1)(a) and not the residuary clause (c)-Penalty order passed within six months of receipt of the Tribunal’s order is within limitation. [S. 132(4), 275(1)(a), 275(1)(c), Art. 226]