S. 271(1)(c): Penalty-Concealment-Incorrect claim in law-Depreciation-Capital gains-Inaccurate particulars-Gain on depreciable asset wrongly claimed as long-term instead of short-term capital gain-Revised computation filed and tax paid before assessment order-Penalty not leviable. [S.32, 45,50, 139]

S. 268A : Appeal-Monetary limits-Enhanced monetary limits specified in Circular No. 9/2024 apply retrospectively to pending appeals, whereas exceptions introduced in Circular No. 5/2024 apply prospectively-A disallowance of expenditure under section 40(a)(i) in an assessment under section 143(3) is distinct from TDS proceedings under section 201 and is not covered by the TDS exception in Circular No. 5/2024. [S. 40(a)(i),. 143(3), 195, 201, 260A]

S. 260A : Appeal-High Court-Review jurisdiction-The power of review is circumscribed to correcting an error apparent on the face of the record and cannot be exercised to re-hear an appeal on merits. [S. 115BBC, Code of Civil Procedure, 1908, S.114]

S. 254(2A) : Appellate Tribunal –Stay-Power to grant stay-Third proviso to Section 254(2A) limiting stay to 365 days regardless of fault for delay held illegal; Tribunal competent to extend stay where assessee not responsible for delay. [S. 254(1), 260A]

S. 254(2A): Appellate Tribunal-Stay-Extension beyond 365 days-Automatic vacation of stay under third proviso is inoperative where delay in disposal of appeal is not attributable to assessee. [S.260A]

S. 254(2): Appellate Tribunal-Rectification of mistake apparent from the record-Condonation of delay of 1279 days-Tribunal has no power to condone delay beyond statutory period-Order of Tribunal affirmed. [S. 254(1), Art. 226]

S. 245C: Settlement Commission-Settlement of cases-Conditions-A CBDT order imposing an additional condition that an assessee must have been eligible to file a settlement application on 31.01.2021 was held to be beyond the Board’s powers under section 119; an application filed after that date but before the statutory deadline was held maintainable. [S. 119, 245A, 245D, Art. 226]

S. 245C : Settlement Commission-Settlement of cases-Conditions-Maintainability-Condition in CBDT order requiring eligibility to file application as on 31.01.2021 held invalid-Application filed after said date but before cut-off date is maintainable even if no proceeding was pending on 31.01.2021-Interim Board for Settlement could not have rejected assessee’s application and, thus, impugned order passed by it was to be set aside. [S. 119,133A, 148, 245D, Art. 226]

S. 245C : Settlement Commission-Settlement of cases-Conditions-Application-Retrospective bar on filing w.e.f. 01.02.2021 by Finance Act, 2021-Validity of application filed before Act’s notification-Vested Right-CBDT notification imposing eligibility condition as on 31.01.2021-Invalid. [S. 119, 153A, 245C(5), Art. 226]

S. 245AA : Interim Boards for Settlement-Scope of total income-Accrual of income-Interest on Government securities-Mercantile system-Right to receive interest on Government securities vests only on due date stipulated therein and not on a day‑to‑day basis-Order of Settlement Commission set aside for being contrary to law and for violation of principles of natural justice-Matter remanded to the Interim Boards for Settlement. [S. 5145,245AA 245C, 245D, Art. 226]