S. 4 : Charge of income-tax-Joint venture of Central Government and State Government-Rail corporation-Metro rail project-Separate legal entity-Income derived from corporation from business activities could not be said to be income of Karnataka State Government under article 289-Capital or revenue receipts-Sales tax referred-Matter remanded to the Assessing Officer-Interest on fixed deposits-Interest earned from fixed deposits of surplus funds after commencement is taxable though it was received for expansion of the project. [Companies Act, 1956, art. 12, 289]

S. 4 : Charge of income-tax-Capital or revenue-Sales tax subsidy-Backward area-Capital receipts.

S. 271G : Penalty-Documents-International transaction-Transfer pricing-Neither Assessing Officer nor Commissioner (Appeals) asked to furnish any specific information or documents-Penalty is deleted. [S. 92B,92D(3), 273B]

S. 271(1)(c) : Penalty-Concealment-Pendency of quantum appeal before CIT(A)-Assessing Officer at liberty to proceed in accordance with law after decision of pending quantum appeal.

S. 271(1)(c) : Penalty-Concealment-Undisclosed income determined based on materials seized during search-Not a case of estimation of income-Penalty is justified.[S. 69, 132, 153A]

S. 271(1)(c) : Penalty-Concealment-Failure to indicate limb under which proceedings initiated-Penalty is deleted. [S.133A]

S. 271(1)(c) : Penalty-Concealment-Business loss-Carry forward and set off-Pendency of appeal-Claim cannot be termed incorrect or erroneous or false —Levy of penalty is not justified.

S. 271(1)(c) : Penalty-Concealment-Purchases entered with stock register-Corresponding export-Ad-hoc estimate-Penalty levied under both limbs-Penalty is deleted.

S. 271(1)(c) : Penalty-Concealment-Penalty-Notice not specifying charge-Notice not valid.[S.273B]

S. 270A:Penalty for under-reporting and misreporting of income-Penalty not leviable if ingredients specified for misreporting is not established by Assessing Officer. [S.270A(9)]