S. 147 : Reassessment-Income of any other person-Search-Penny stock-Capital gains-Shell companies-Cash credits-Non obstante clause-Information from Investigation Wing and also in the course of search-Reassessment is valid-Matter remanded to the Tribunal to decide other grounds. [S.68,132, 132A, 148,153A, 153C, 260A]

S. 143(3): Assessment-Jurisdiction of AO-Best judgement-Order passed without complying the provision of section 127 is quashed and set aside. [S. 120, 127, 144,260A, Art. 226]

S. 132(8) : Search and seizure-Retention of the books of account and other documents-Authorities are directed to return the books of accounts and other documents forthwith.[S. 132,132(9B), Art. 226]

S. 119 : Central Board of Direct Taxes-Circular-Return—Condonation of delay—Genuine hardship—Audit report was made available on 9th Sept., 2019 i.e., 5 months prior to the COVID outbreak— No reasonable cause-Rejection of application is up held-Writ petition is dismissed. [S. 119(2)(b), 139, 234F, Art. 226]

S. 119 : Central Board of Direct Taxes-Circular-Charitable trust—Accumulation of income—Belated filing of Form No. 9A—Genuine hard ship-Substantial justice-Delay is condoned. [S. 11, 119(2)(b), Form No 9A, Form No. 10,R. 17(1), Art. 226]

S. 80IC : Special category States-Availed deduction under section 80-IC for a period of 5 years at rate of 100 per cent,-Entitled to deduction on substantial expansion for remaining 5 assessment years at rate of 25 per cent (or 30 per cent where assessee is a company)-Not at rate of 100 per cent-Review petition is dismissed on account of 412 days in filing the review petition and also on merits. [S.80IC, Art. 136]

S.54F : Capital gains-Investment in a residential house-Purchase of two independent flats in a building two different floors-Not possible to combine them as one unit-Not entitle to exemption. [S. 45]

S. 45 : Capital gains-Long term capital gains-Exemption-Book profit-Exclusion of capital gains from calculations of book profits would not disentitle it from claiming exemption under section 10(38).[S. 10(38), 115JB(2), 260A]

S. 40(a)(ia): Amounts not deductible-Deduction at source-Payment of wages to dock workers through Labour Board-Not liable to deduct tax at source. [S. 194C, 260A, Dock Workers (Regulation of Employment) Act, 1948]

S.37(1): Business expenditure-No supporting material-Oder of High Court is affirmed. [Art. 136]