S. 2(14)(iii) : Capital asset-Agricultural land-Vacant land-Sale to non agriculturist-Records maintained by State Government, certificate issued by Additional Tahsildar and Village Officer showed that the said land was an agricultural land and used for agricultural operations-Not capital asset-Not liable to be assessed as capital gains. [S. 45]
S. 271D : Penalty-Takes or accepts any loan or deposit-Sale of immovable property to agriculturist from small village-Banking facilities not available-Reasonable cause-Levy of penalty is deleted. [S. 273B]
S. 271B :Penalty-Failure to get accounts audited-Failure to show reasonable cause-Levy of penalty is affirmed. [S.44AB]
S. 271B : Penalty-Failure to get accounts audited-University-Local authority-Failure to get accounts audited not to result in penalty but only in denial of exemption-Penalty not sustainable. [S. 10(23C)(iiiab), 12A(1)(b), 44AB]
S. 271(1)(c) : Penalty-Concealment-Notice not specifying the charge-Notice not valid. [S. 274]
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Interest paid to customer-No details are filed in the course of assessment proceedings.[S. 143(3)]
S. 254(1) : Appellate Tribunal-Powers-Revised grounds-Additional evidence-Matter remanded.
S. 253 : Appellate Tribunal-Appeals-Delay of 1005 days-Delay due to negligence, lethargy or inaction on part of assessee-Delay is not condoned. [S. 254]
S. 201 : Deduction at source-Failure to deduct or pay-Short deduction-Assessee in default-Retainership fees-Matter remanded.[S. 197-201(1), 201(IA)]
S. 194C : Deduction at source-Contractors-Year end provision for expenses-Payee is not identifiable-Invoices received next year-Provision is reversed-Tax deducted at source-Assessee Could not be treated as in default for mere book entries in absence of ascertainable amount and identifiable payee. [S. 194I, 194J-201(1),201(IA)]