S. 271(1)(c) : Penalty-Concealment-Disallowance of claim-Capital gains-Investment in a residential house-Tribunal in quantum appeal partially allowed deduction under section 54F, Assessing Officer is directed to recompute quantum of penalty. [S. 54EC, 54F]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Corporate social responsibility (CSR)-Allowed deduction under Section 80G-AO’s view is backed by various decisions of Tribunal-Assessment order can not be treated as erroneous and prejudicial to interest of revenue.[S.37(1), 80G, 143(3), Companies Act, S. 135]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Capital gains-Penny stock-Failure to make enquires-Revision is held to be valid.[S. 45, 147, 148]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Cash credits-Pendency of appeal before CIT(A)-Proposal sent by Additional CIT-No independent application of mind-Revision order is quashed. [S.44AD, 68 143(3)]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Search and seizure-Cash credits-Entries of unsecured loans-Failure to make necessary enquiries in reassessment proceedings-Assessment order is invalid-Revision order is invalid.[S. 68, 147, 153C]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Cash deposits-Share capital-share premium-Reassessment-Limitation-Relevant date for purpose of determination of period of limitation-Date of original assessment order and not date of reassessment order-Revision order is quashed.[S. 68, 147 148]

S. 254(2A): Appellate Tribunal-Stay-Pendency of rectification application before DRP-Tribunal has power to extend stay even beyond period of 365 days if proceedings are delayed for reasons not attributable to assesse.[S. 144C, 254(1)

S. 254(1) : Appellate Tribunal-Powers-Additional evidence-Share premium-The matter is remanded back to Assessing Officer for consideration after admitting additional evidence.[S. 56(2)(viib)]

S. 199 : Deduction at source-Credit for tax deducted-Credit of TDS in a financial year would be granted only when income corresponding to such TDS is assessed to tax in said financial year-Matter remanded.[Accounting Standard 9 (AS.9)]

S. 167B : Charge of tax-Shares of members unknown-Maximum marginal rate-Association of persons-Joint venture between TPL and Chint-Share in AOP’s profit is determinate i.e., TPL 99.99 per cent and Chint 0.01 per cent-TPL is domestic company and Chint was a Chinese company, 99.99 per cent of income of TPL is to be taxed at maximum marginal rate (MMR) of 30 per cent plus surcharge and cess and 0.01 per cent of income of Chint at MMR of 40 per cent plus surcharge and cess. [S. 2(31)(v)]