S. 147 : Reassessment-With in four years-Redemption of preference shares-Provisions of section 47(iv) are not applicable to redemption of preference shares-Order of Assessing Officer allowing the loss is affirmed-SLP of Revenue is dismissed. [S. 2(47) 47, 47 (iv), 47(v), 148, Art. 136]

S. 147 : Reassessment-After the expiry of four years-Right shares-Valuation-Change of opinion-Reassessment notice and order disposing the objection was quashed-SLP of Revenue is dismissed. [S. 56(2)(vii)(b), 148, Art. 136]

S. 147 : Reassessment-After the expiry of four years-Transfer-Capital gains-Development rights-Neither any tangible material nor any reason for Assessing Officer to believe that any income chargeable to tax had escaped assessment-SLP of Revenue is dismissed.[S. 2(47)(v) 148, Transfer of Property Act, 1882, S.53A Art. 136]

S. 144B : Faceless Assessment-Opportunity of hearing-No notice was issued-PAN database no e-mail id was registered-Notice should have been served physically upon assessee at least by courier or speed post and acknowledgment filed as was also mentioned in SOP issued by CBDT for assessment units under faceless assessment-Revenue was to be directed to strictly comply with SOP in all cases, not just restricted to faceless assessment proceedings Reassessment and notice is quashed and set aside-Matter remanded for de novo consideration.[S. 147, 148, Art. 226]

S. 143(3): Assessment-Penalty-Tax in default-Covid 19-Notices were issued to the registered e-mail of assessee which was operated and accessed only by the Chartered Accountant-Matter was remanded to department to pass a fresh order.[S. 142(1), 221, Art. 226]

S. 143(3) : Assessment-Search and seizure-Undisclosed profit-Loose papers and other documents-Failure to examine the Chartered Accountant-Matter remanded to the Tribunal for reconsideration. [S. 132, 132(4A), 292C]

S. 142(2A) : Inquiry before assessment-Special audit-Sufficient opportunity was afforded to assessee before sanction was granted for special audit-Writ petition is dismissed. [Art. 226]

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Specified domestic transaction-Comparable-Functional similarity-Company engaged in marketing research and management activity was comparable to assessee-company, investment advisory services provider. [S. 260A]

S. 90 : Double taxation relief-Foreign tax credit (FTC)-Form-67 filed before completion of assessment and after due date specified for furnishing return under section. 139(1)-Rejection of FTC is not justified-DTAA-India-Australia [S. 91, 139(1), 143(1), Rule 128, Form-67 Art. 24, Art. 226]

S. 48 : Capital gains-Mode of Computation-Sale of shares gifted by promoters-BIFR cannot sanction any modification to scheme directing the Income tax department to give further tax concession without department being consenting to grant additional concession-SLP is granted against the order of High Court. [S. 45, Sick Industrial Companies (Special Provisions) Act, 1985, 3(1)(o), 17, 18, 22A, Art. 136]