S. 54 : Capital gains – Profit on sale of property used for residence -Purchase of residential unit from builder – Flat received within three years from sale of property – Date of possession shall be construed as completion of construction . [ S. 45 ]

S. 48 : Capital gains –Mode of Computation -Cost of improvement- Failure to prove the expenditure incurred – Disallowance of expenditure is affirmed .[S. 45 ]

S. 12AB: Procedure for fresh registration -Genuineness of activities – Failure to file documentary evidences to verify the activities in consonance with its objects – Rejection of application is held to be justified .[ S. 12A(1), R. 17A(2), Form No .10AB ]

S. 279 : Offences and prosecutions-Sanction-Chief Commissioner-Tax deduction at source-Compounding application-Application was filed beyond twelve months-Rejection of application was set aside by High Court-SLP of Revenue is dismissed. [S. 200, 276B, 278B, 279(2), Art. 136]

S. 276CC : Offences and prosecutions-Failure to furnish return of income-Failure to pay self assessment tax-Criminal complaint is filed before the Magistrate Court-Petition filed before the High Court to quash the proceedings is dismissed. [S. 139(1), 139(4), 140A,,276C, 278E,Code of Criminal Procedure, 1973, S. 482]

S. 276CC : Offences and prosecutions-Failure to furnish return of income-Failure to pay self assessment tax-Criminal complaint is filed before the Magistrate Court-Petition filed before the High Court to quash the proceedings is dismissed-Notice is issued in SLP filed by the assessee. [S. 139(1), 139(4), 140A,,276C, 278E,Code of Criminal Procedure, 1973, S. 482]

S. 271D : Penalty-Takes or accepts any loan or deposit-Transfer of money through journal entries-No penalty is leviable-Appeal of Revenue dismissed as infructuous. [S. 269SS, Art. 136]

S. 271D : Penalty-Takes or accepts any loan or deposit-Acceptance of loans and deposits-Otherwise than by account payee cheque or account payee bank draft-Reasonable cause-Order of High Court deleting the penalty is affirmed. [S. 269SS, 273B]

S. 268A : Appeal-Instructions-Monetary limits-Applicable to revision order passed under section 263 of the Act-Appeal dismissed due to low tax effect. [S. 263, 260A]

S. 264 : Commissioner-Revision of other orders-Mistakenly filed details of the Assessement year 2014-15 instead of Assessment year 2013-14-Rejection of revision application is not justified-Matter remanded to the Commissioner for de novo con sideration. [S. 143(1), 154, Art. 226]