S. 268A: Appeal -Instructions-Circulars -Monetary limits-Departmental appeal -Low tax effect -CBDT Circular No. 9 of 2024 -Exception relating to bogus penny stock transactions not applicable where assessee claimed business loss and not short-term capital loss -Revenue’s appeal dismissed. (S.28(i), 45, 68, 143(3), 147, 148, 153A, 253)
S. 263: Commissioner-Revision of orders prejudicial to revenue-Issue already examined during assessment -Proceedings initiated on basis of audit objection -Fresh issues beyond limitation -Revision invalid on legal and merits. [S. 143(3), 147, 148]
S. 263: Commissioner-Revision of orders prejudicial to revenue-Twin conditions of “erroneous” and “prejudicial to the interests of the Revenue” mandatory -Revision on payment of bonus to director quashed. [S. 40A(2)(b)]
S. 263: Commissioner-Revision of orders prejudicial to revenue-Partnership firm -Remuneration to partner -Minor typographical error in partnership deed -Revision not justified-Delay in filing of appeal was condoned. [S.40(b), 253(5), 254(1)]
S. 255: Appellate Tribunal -Procedure -Functions-No prohibition requiring a Special Bench as a rule to stay its hands when a similar/identical issue is pending before the High Court-Special Bench can proceed to hear and decide the appeal in accordance with law. [S. 14A,158A, 250]
S. 254(1): Appellate Tribunal-Powers-Additional evidence -Revenue produced additional evidence -Matter was remanded to the file of CIT(A) for de novo adjudication. [68, 69C, 80IB, 148]
S. 251: Appeal-Commissioner (Appeals) -Powers-Duty to adjudicate jurisdictional grounds -Matter remanded where legal grounds not decided before setting aside assessment. [S. 144, 147, 148, 250, 254]
S. 249: Appeal-Commissioner (Appeals)-Form of appeal and limitation-Condonation of delay -Ex parte assessment -Matter remanded for fresh adjudication. [S. 143(3), 221(1), 271(1)(c)]
S. 153D: Assessment-Search-Approval-Mechanical approval-Multiple approval on other group cases -Non-application of mind -Order was quashed. [S. 132, 153A]
S. 153C: Assessment-Income of any other person-Search-Undisclosed contract receipts -Estimation of profit at 8% upheld-Addition was deleted. [S. 44AD, 132(1)]