S. 234B : Interest-Advance tax-Search-Cash and fixed deposit receipts-Releasee of seized assets-Application was made for release / adjustment of cash and FRSs-No interest can be levied in the course of regular assessment-Payment of interest on seized FDRs)-FDRs cannot be treated as money as referred in section 132B(4)(b) and since by mere seizure of FDRs, assessee had not suffered any pecuniary loss by way of loss of interest, no interest under section 132B(4) could be granted to assesse.[S. 132, 132B(4)(b)]

S. 178 : Company in liquidation-Stay-Share application money- Corporate Insolvency Resolution Process (CIRP)-No proceedings could be initiated against assessee-company including income tax proceedings and recovery of demand or giving effect of any order. [S. 68,178(6), Insolvency and Bankruptcy Code, 2016, S. 31, 238]

S. 154 : Rectification of mistake-Mistake apparent from the record-Property held for charitable purposes-Educational institution-Net income or gross receipts-Exemption denied-Corpus donation-Final accounts reflected a loss-Matter is remanded to Assessing Officer for taking on record audited final accounts on basis of which assessee had returned income and then pass an order under section 154-Provision under section 10(23C)(iiia) did not speak of gross receipt but annual receipt which would not include voluntary contribution toward corpus, assessee is entitled for exemption of its income, including capital receipt, under section 10(23C)(iiiad). [S. 10(23C (iiia) 11(1)(d), 12A, 12AA, 143(1)(a)]

S. 153A: Assessment-Search-Pendency of proceedings-Abated-Non-est assessment-Proceedings abated-Appeal of Revenue is dismissed. [S. 132, 143(3)]

S. 145 : Method of accounting-Survey-Estimation of income-Assessee has shown net profit of 2 %-AO estimated net profit at 5%-Reported a profit of 8% in earlier years-Estimate of income at 5% is affirmed-Assessment order and intimation bearing DIN were uploaded on revenue’s portal-Assessee can not challenge validity of assessment order for lack of DIN-Assessment-Digital signature-On account of technical issues departmental authorities were prevented from making digital signatures, prompting manual signing of assessment order-Orders were uploaded and sent to assessee’s registered email ID, it was deemed to be authenticated and therefore, assessment order was valid.[S. 133A, 143(3),, 144, 147, 148,156, 271A, 271B, 282A(2)R. 127A]

S. 144C : Reference to dispute resolution panel-Limitation period DRP issued certain directions to Assessing Officer vide order 17-3-2022 and FAO being designated assessment unit was privy to DRP order in April 2022-limitation in extreme case scenario would run from April 2022 and would end on 31-5-2022-Assessment order having been passed on 30-6-2022, is time barred-Transfer of case records by Faceless Assessment Officer (FAO) to a different jurisdiction, i.e., Jurisdictional Assessment Officer (JAO) will not entitle Department to get extension of limitation period for framing assessment. [S. 144B, 144C(13)]

S. 143(2) : Assessment-Notice-Defective return-Limitation- limitation for issuing notice for assuming jurisdiction to frame assessment will run from year in which return of income was filed-Not when defect under section 139(9) is removed-Order is quashed and set aside. [S. 139(9), 143(3) 153]

S. 115BAA: Tax on income of certain domestic companies-Determination of tax in certain cases-Uploaded Form 10-IC electronically on 2-5-2021 i.e. before cut-off date mentioned in CBDT circular No. 6/2022, dated 17-3-2022, i.e. 30-6-2022-Entitled to benefit of section 115BAA(1) for purpose of computation of income.[S. 139(1),Form No 10-IC]b

S. 115BAA : Tax on income of certain domestic companies-Determination of tax in certain cases-Delay in filing of Form 10-IC-Circular extending the time for filing of return-Eligible for concessional tax rate under section 115BAA.[S. 139(1), Form No. 10-IC]

S. 92CA : Transfer pricing Reference to Transfer Pricing Officer-Arm’s Length price-Avoidance of tax-Transfer pricing-Reference to TPO-No reference is made to TPO-Addition is deleted. [S.92C]