S. 271(1)(c) : Penalty-Concealment-Denial of special deduction claimed against income from long term capital gain-No business income shown-High court decision in favour-Deduction admissible-Not a case of furnishing inaccurate particular-Penalty not leviable. [S. 80G, 80HHC, 112(2)]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Capital gains-Slump sale-Exemption-Exemption denied in revision-Computation of book profits objected-Transaction not ‘Transfer’-AO conforming to legal standards to compute books of accounts-Transactions between subsidiaries not amenable to book profits computation-Revision not justified.[S. 45,47(iv), 115JB]

S. 263 : Commissioner-Revision of orders prejudicial to revenue –Deposit of cash by husband of assessee-sale of plot belonging to father and amount deposited in assessee’s account-AO raising queries and after all verification accepting return of the assessee-Revision is bad in law. [S. 143(3)]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Limited scrutiny assessment-Large share application money received against unallotted shares-AO examining and making necessary verifications-Arrived at plausible view-Revision not warranted.[S. 143(3)]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Deposit of cash during demonetisation-Non-co-operation and noncompliance of assessee to furnish details to A.O.-Estimation of net profit at 5% by AO without any basis and without consulting any records-Revision is valid. [S. 44AD, 144]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Best judgement assessment-Failure to serve notice under 143(2)-Invalid assessment cannot be subject matter of revision.[S. 143(2), 144].

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Business expenditure-Payment in cash in excess of prescribed limit-No dispute as to genuineness of transaction-Assessee taking loan from family members and making payment to sellers of land in cash-Disallowance not attracted to cash transaction for support to family members in immediate business needs-AO did not initiate penalty proceedings after due consideration-Order not prejudicial to revenue-Revision not justified. [S. 40A(3), 44AD, 269SS, 271D]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Cash deposits during demonetisation-AO raised detailed questions and assessee filed responses-AO applied mind to facts-Order of revision quashed.

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Capital Gains-Exemption-Assessee given one more opportunity-Order of PCIT set aside-Matter remanded-Assessee to furnish all information. [S. 54]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Capital or Revenue expenditure-Consumables revenue expenditure allowable in the year in which put in line of production-Allowance in previous years not erroneous-AO taking sustainable view after enquiry-Revision not warranted. [S. 37(1)]