S. 10(38) : Long term capital gains from equities – Sale of shares – Securities transactions tax was paid – Mere presumptions and suspicion – Exemption cannot be denied [ S. 45 ]

S. 10(2A) : Share income of partner – Details of partners with their PAN copy of returns of firm with computation of income was furnished – Partner entitled to exemption .

S. 68 : Cash credits – Demonetization – Cash deposited – Cash sales – Demonization -Addition as undisclosed income was not justified- Construction of showroom -Difference in valuation was less than 10 percent – Addition was deleted [ S. 69 , 153A ]

S. 270AA : Immunity from imposition of penalty,etc- Order was set aside-Directed to grant immunity. [S. 270A, 270AA(2), Art. 226]

S. 226 : Collection and recovery – Modes of recovery – Stay – Failure to deduct tax at source-Interest payment made to foreign bank-No financial hardship-Directed to deposit 20 per cent of total demand-DTAA-India-China. [S. 201(1), 201(IA), Art. 11(3), Art. 226]

S. 148A : Reassessment – Conducting inquiry, providing opportunity before issue of notice – Non-sharing of material information on the basis of which reassessment proceedings are undertaken isviolative of the Act and denies an effective opportunity to the assessee to file a response to the same. [S. 148, 148A(b), 148A(d), Art. 226]

S. 148A : Reassessment – Conducting inquiry, providing opportunity before issue of notice-Show cause notice-Writ petition was dismissed. [S. 148, 148A(b) 148A(d), Art, 226]

S. 148A : Reassessment – Conducting inquiry, providing opportunity before issue of notice – Principles of natural justice-Assessee filed explanation to 148A(b) notice along with documents and sought time file additional documents in support of the explanation-Time sought by the assesse was not granted and 148A(d) order was passed denying filing of documents in response to 148A(b)-Matter remitted back. [S. 148A(d), Art. 226]

S. 148A : Reassessment – Conducting inquiry, providing opportunity before issue of notice – Order passed under section 148A(d) is not a final adjudicating order but a preliminary order – Assesse is entitled to full opportunity to raise objections during the course of reassessment proceedings – Petition was dismissed as premature.[S. 148A(b), 148(a)(d), 149, Art, 226]

S. 148 : Reassessment -Notice – After the expiry of four years- Notifications issued by the Central Government under the Taxation and other laws (Relaxation and Amendment of Certain Provisions) Act, 2020 did not apply as the notices were issued prior to 1st April 2021- Time limit – Notices issued prior to 1st April 2021 beyond a period of four years from the expiry of the assessment year are time barred in terms of first proviso to section 147 as applicable prior to amendment made by the Finance Act, 2021- Sanction – Notice issued after seeking approval Jt. CIT instead of Chief CIT/ CIT Jt CIT instead of Chief CIT/ CIT- Notice was invalid. [S. 147, 151, Art, 226]