S. 270A : Penalty for under -reporting and misreporting of income – Transfer Pricing adjustment – Advanced Pricing Agreement – No order passed u/s. 92CD(3) on modified return – Virtual hearing mandatory under Faceless Penalty Scheme – Penalty order quashed and matter remanded to AO to grant virtual hearing and pass fresh speaking order within 12 weeks. [S. 92CD(3) , 143(3), 144C(3), Art. 226 ]

S. 143(3) Assessment – Disallowance of expenditure – Business income – Entries in the books of account is not conclusive- Alternative remedy – No deduction of expenses claimed either by assessee or unit holders – Addition made by AO wholly without jurisdiction – Writ petition maintainable – Assessment order quashed. [S. 10(23FBA), 28(i), 37(1), 115UB, 144B , 246A , Art. 226]

S. 254(2) : Appellate Tribunal – Rectification of mistake apparent from the record – PF/ESI contribution – Subsequent decision of Supreme Court – Cannot be ground for rectification – Tribunal erred in recalling its order on the basis of subsequent ruling – Writ petition allowed. [S. 254(1), 143(1)(a), 36(1)(va), 43B, 260A, Art. 226, CPC O.47 R.1]

S. 73 : Loss in share trading – Speculation loss – Set-off – Not allowable against profit from F&O transactions – Arbitrage operations – Explanation to S.73 operates independently of S.43(5) – Speculative loss cannot be adjusted against F&O business income.[ S.28(i) , 43(5)]

S. 143(3): Assessment – Appeal pending before CIT(A)- Writ – Alternate remedy – Writ petition not maintainable- Extraordinary jurisdiction – Not to be invoked when alternate statutory remedy is available- The Court directed CIT(A) to dispose of the appeals (both against assessment and penalty orders) within eight weeks. [ S. 144B 250 , Art. 226 ]

S. 151 : Reassessment – Sanction for issue of notice – Notice issued under section 148 with sanction of PCIT instead of JCIT – Survey – Invalid sanction – Assessment held to be null and void. [ S. 133A , 143(3),151(2), 147 , 148]

S. 56 : Income from other sources – Immovable property – Purchase consideration – DVO valuation – Difference of 7% within 10% safe harbour – Amendment by Finance Act, 2020 curative and retrospective – Addition deleted.[ S. 50C , 56(2)(x)(b)(B) ]

S. 153A: Assessment – Search – Abated assessment – No incriminating material was found – Alleged bogus purchases –Addition was deleted . [ S. 69C , 132 ]

S. 64 : Clubbing of income – Minor child – Capital gains – Sale of inherited property – Minor daughter’s share deposited in nationalized bank under Court order – Not includible in assessee’s hands.[S. 45, 54F , Hindu Minority and Guardianship Act, 1956, S.8(2) ]

S. 54F : Capital gains- Investment in a residential house – Advance received cannot be assessed as capital gains – The AO was directed to recompute the capital gains on actual consideration and also directed to allow the exemption under section. 54F . [S. 45 ]