S.54F : Capital gains- Investment in a residential house – Co -owner of more than one house – Eligible for deduction- Precedent – When there are conflicting decisions of High Courts the view in favour of the assessee has to be followed . [ S. 45 ,54 ]
S. 271B :Penalty- Failure to get accounts audited -Books of account not maintained – Penalty cannot be levied for not getting the accounts audited .[ S. 44AB, 44AD ]
S. 270A:Penalty for under -reporting and misreporting of income – Addition on the basis of estimation of valuation – Levy of penalty is not valid .[ S. 43CA ]
S. 270A:Penalty for under -reporting and misreporting of income – Addition on the basis of estimation of valuation – Levy of penalty is not valid .[ S. 43CA ]
. 263 : Commissioner – Revision of orders prejudicial to revenue -Mismatch of interest income – Enquiries were made – No discussion in the assessment order – Order is not erroneous – Revision is not valid . [ S. 143(3) , 26AS ]
S. 263 : Commissioner – Revision of orders prejudicial to revenue – Deposit from members – Revision of order to examine and consider the applicability of section 69A, 115BBE on cash deposits , provisions of section 80P(2) and 269SS of the Act is held to be not justified . [ S. 69A, 80P(2), 115BBE , 143(3), 269SS ]
S. 253 : Appellate Tribunal – Jurisdiction of the Bench – On the basis of Jurisdiction of the Assessing Officer. [ ITAT R, 1963 , R 4 ]
S. 250 : Appeal – Commissioner (Appeals) –Duty bound to adjudicate on available data – Dismissal of appeal is not valid – Matter remanded to the file of CIT(A) to decide on denovo consideration .[ S. 250(6) ]
S. 234A : Interest – Default in furnishing return of income – Assessment for the first time – Not liable to pay interest for the period during which it was not possible to file return. [ S. 139, 147, 154 ]
S. 234A : Interest – Default in furnishing return of income – being compensatory in nature, can only be levied up to such date of self-assessment and not beyond that period or till date of completion of assessment.[S. 234B]