S. 32: Depreciation – Car registered in name of director – Funds utilized of the company – Depreciation is allowable to the company.

S. 272A : Penalty – Failure to answer questions – Sign statements – Furnish information – Substantial compliance – Levy of penalty is not justified. [S. 143(3), 272A(1)(d)]

S. 271(1)(c) : Penalty – Concealment – Bogus purchases – Estimated addition – Levy of penalty is not valid.[S.69A]

S. 263: Commissioner – Revision of orders prejudicial to revenue – Assessment order passed after making necessary inquiries – Held, revision proceedings cannot be initiated simply because PCIT was of the opinion that further inquiries should have been made on the issue.[ S.143(3) ]

S. 251 : Appeal – Commissioner (Appeals) – Powers – Appeal cannot be dismissed on account of non-prosecution- Order is set aside and directed to decide on merits. [S. 246A, 251(2)]

S. 151 : Reassessment – Sanction for issue of notice – Beyond three years – Specified Authority – Sanction by Principal Commissioner of Income Tax- Reassessment notice and order is bad in law.[S.148, 148A(b), 148A(d), 151(ii)]

S. 69A : Unexplained moneys – Demonetization – Not taxable as undisclosed income – Best judgement assessment – Order under section 144 is not valid.[S. 115BBE, 144]

S. 69A: Unexplained moneys – Search – Cash seized during search – Explained the source of cash – Addition is deleted. [S. 132]

S. 68: Cash credits – Share capital – Need not prove source of the source – Order of CIT(A) deleting the addition is affirmed. [S. 131, 133(6)]

S. 54F: Capital gains – Investment in a residential house – Joint names – Income has to be assessed in the right person – Indexation benefit is available. [S. 4, 45, 54]