S. 37(1) : Business expenditure-Bad debt-Advances given in the course of business written off-Genuineness of advances not doubted-Books audited by statutory auditors-Write-off allowable as deduction-Order of Tribunal affirmed. [S. 28(i), 36(1)(vii), 260A]

S. 10B : Export oriented undertakings-Site transfer income-Derived from-Appellate Tribunal-Duties-Tribunal had not given any reasons as to how ‘Site Transfer Income’ constituted income derived from business of undertaking, matter was remanded back to Tribunal for deciding ground of deduction under section 10B qua ‘Site Transfer Income’. [S. 254(1)]

S. 40A(3) : Expenses or payments not deductible – Cash payments exceeding prescribed limits – Cash payment exceeding prescribed limit – Purchase of land – Amount not claimed as expenditure – No disallowance permissible – Addition deleted – Stamp duty value difference is less than 10 % – Amendment made in section 50C(1) of the Act by inserting third proviso by Finance Act, 2018, with effect from April 01, 2018 is curative and retrospective- Disallowance deleted . [S. 40(a)(ia),43CA, 50C ]

S. 56 : Income from other sources – Immovable property received without consideration – Family settlement – Gift deed executed pursuant to family arrangement – Property received from member of HUF – Not taxable as deemed income – Revenue’s appeal dismissed.[ S.2(47), 56(2)(vii)(b) ]

S. 281B: Provisional attachment-Bank account-Reassessment proceedings-Seizure of cash from car-Attachment unsustainable in absence of tangible material and in view of security already furnished before Magistrate Court-Bank account not covered under s. 281B [S 132B, 142A, 226(4); Bharathiya Nagarik Suraksha Samhitha, 2023, S. 497; Code of Civil Procedure, 1908, S. 60(1); GST Act, 2017; Code of Criminal Procedure, 1973, S. 451; Art. 226]

S. 276B : Offences and prosecutions-Failure to pay to the credit tax deducted at source-Belated deposit of TDS-Voluntarily deposited TDS along with interest before issuance of show cause notice-Delayed compliance of provision of deducting and depositing TDS would not suffice for grant of prosecution sanction. [S. 279, Art. 226]

S. 276B : Offences and prosecutions-Failure to pay to the credit tax deducted at source-Belated deposit of TDS-Voluntarily deposited TDS along with interest before issuance of show cause notice-Delayed compliance of provision of deducting and depositing TDS would not suffice for grant of prosecution sanction. [S. 279, Art. 226]

S. 271(1)(c) : Penalty-Concealment-Non-filing of return-Filing of financial statements and tax audit report and payment of taxes-Bona fide inadvertent human error-No concealment or furnishing of inaccurate particulars-Penalty deleted. [Art. 226]

S. 260A : Appeal-High Court-Review-Mistake apparent from record-Reassessment-Writ petition was filed after one year of assessment order-Dismissal of writ petition on ground of alternative remedy-Violation of principles of natural justice-Order recalled and writ petition restored.[S. 144, 144B, 147, 148, 260A(7), Art. 226]

S. 260A : Appeal-High Court-Delay of 40 days-Service of ITAT order on Chartered Accountant not specifically authorised to accept service-Chartered Accountant not a recognised agent of assessee-Tribunal bound to communicate order to assessee-Delay condoned. [S. 254(3), 282, ITAT R. 35, Code of Civil Procedure, 1908,Order, 3, 5, R. 12]