S. 263 : Commissioner-Revision of orders prejudicial to revenue-Shares issued at premium-DCF method-Commissioner in Revision proceedings cannot direct the Assessing Officer to adopt the NAV method-TDS on interest income-Interest income om fixed deposit for obtaining the loan for obtaining the bank guarantee-Directly linked with activity of setting up hotel and is to be viewed as a capital receipt going to reduce cost of construction-Revision order is quashed.[S. 4, S.56(2)(viib), 199, R.11UA, R.37BA]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Educational institution-School-No fee is charged from students-Accumulated surplus for purpose of future application to set up school-Entitle to exemption-Revision is held to be not justified. [S. 10(23C)(iiiad), 12A, 12AA]

S. 144C : Reference to dispute resolution panel-Assessment-Limitation-No variation in returned income-Assessing Officer ought to have passed assessment order under section 143(3) of Act within limitation time prescribed under section 153(1), i.e., within 21 months from end of assessment year-Order is barred by limitation. [S. 143(3), 153(1)]

S. 68: Cash credits-Income from other sources-Agricultural income-Lease rent-Addition made in earlier year-Taxing the said income again is deleted.[S.56]

S. 56 : Income from other sources-Cumulative preference shares at premium-Produced valuation report for justifying the issue of shares at premium-Deletion of addition by CIT(A) is affirmed. [S. 56(2)(viib), R.11U, R.11UA]

S. 56 : Income from other sources-Interest on compensation-Enhanced compensation-Compulsory acquisition of agricultural land-Not taxable. [S. 56(2), 145A, Land Acquisition Act, 1894, S. 28]

S. 54 : Capital gains-Profit on sale of property used for residence-Invested a portion of capital gains-Sale of old property on 23-10-2018-Possession of new flat on 24-12-2018-Date of possession of flat would be actual date of purchase for claiming exemption under section 54-Entitle to exemption. [S. 45]

S. 48 : Capital gains-Mode of Computation-Residential flat-Date of acquisition of residential flat has to be reckoned from date of allotment letter, benefit of indexed cost of acquisition should be available to assessee based on payments made beginning from financial year 2005-06. [S. 45]

S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Outstanding credit balance-Expenses claimed-Order of CIT(A) deleting the addition is affirmed-Order of CIT(A) deleting the addition is affirmed.

S. 40A(3) :Expenses or payments not deductible-Cash payments exceeding prescribed limits-Bearer cheques-Payments to agent not substantiated-Failure to show reasonable cause-Disallowance is held to be proper.[R.6DD(k)]