S. 69 :Unexplained investments – Long term capital gains -Penny stock – Denial of exemption is not valid . [ S. 10(38), 45, 131 , 133A ]

S. 271(1)(c) : Penalty-Concealment-Approval-Procedure-Tribunal was not justified in quashing penalty order passed by Assessing Officer on mere premises that Additional Commissioner did not find place in section 274(2)(b) of the Act. [S. 2(28C), 274(2)]

S. 271(1)(c) : Penalty-Concealment-Offshore bank accounts-Voluntary declaration-Levy of penalty is not valid. [S. 143(3), 147, 148]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Pendency of appeal before ITAT-Assessing Officer can complete the assessment-No demand can be enforced till the appeal is decided by the Appellate Tribunal. [S. 254(1), Art. 226]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Work in progress-Method of accounting-Valuation of stock-Merely to remand matter to AO to verify correctness of submission made by assessee that profit element was accounted for in its income was held to be not valid. [S. 145]

S. 260A : Appeal-High Court-Delay of 174 days-Delay was condoned.

S. 260A : Appeal-High Court-Delay of 545 days-Administrative exigency-Delay was condoned.

S. 260A : Appeal-High Court-Territorial Jurisdiction-Assessment was initiated at New Delhi and final assessment was framed by Assessing Officer at Ghaziabad-High Court of Punjab and Haryana lacked jurisdiction to adjudicate matter.

S. 241A : Refunds-Withholding of refund in certain cases-Estimated tax liability-Revenue neutral-Method of accounting-Income offered for tax when services were rendered-Withholding of tax is held to be not valid. [S. 143(3), 145]

S. 234D : Interest on excess refund-Provision inserted from 1-6-2003 would apply to all regular assessments made on or after 1-6-2003 irrespective of assessment year involved-Liable to pay interest.