S.54F : Capital gains- Investment in a residential house – Non -Resident – Transfer of tenancy rights – Invested in residential flat in proposed building – AO was indeed in error in adopting a hyper-pedantic approach and holding that there was a fresh claim for exemption under section 54F of the Act -Entitle for exemption [ S.45, 54, ]

S. 149 : Reassessment – Time limit for notice – Board’s circular dated 11-5 -2022 ( 2022) 444 ITR 43( St) – Income escaping assessment to tax is less than Rs .50 lakhs – Reopening is not valid [ S.148, 148A Art , 226 ]

S. 148A: Reassessment – Conducting inquiry, providing opportunity before issue of notice – Show cause notice and order are based on distinct and separate grounds- Information referred in show cause notice was not provided – Notice was quashed – Respondents were given liberty to furnish additional material in support of the alleged allegation made in show cause notice .[ S. 148, 148A(d) , Art , 226 ]

S. 40(a)(ia): Amounts not deductible – Deduction at source – Advertisement expenditure- Late fee and service tax – Disallowance is not valid

S. 12AB: Procedure for fresh registration – Commissioner granted the Registration subject to various conditions – Conditions cannot be imposed as the scheme of the Act does not visualise the conditions imposed by the Commissioner [ S. 2(15)( 11), 12, 12A , 80G 115TD, 115 TF , Foreign Contribution Regulation Act 2010 (FCRA) ]
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S. 271(1)(c) : Penalty – Concealment -Inaccurate particulars – Mistake committed in calculation – Non -Resident – Peak amount offered on account of funds lying in the bank accounts held by JWL and SF with HSBC Bank Zurich -Revised return filed before issue of notice u/s 148 of the Act which was accepted without making addition – Deletion of penalty is held to be valid . [ S. 139, 143(3) , 148 ]

S. 264 :Commissioner – Revision of other orders – Private company – Liability of directors -Non speaking order without any reasons – AO wishes to rely on any judgements or order passed by any Court or Tribunal he should provide a copy thereof to the petitioner and allow an opportunity to deal with those judgements or distinguish those judgements and the submission of the assessee shall also be dealt with in the order -Order of Assessing officer is set aside . [ S. 179, Art , 226 ]

S. 144B : Faceless Assessment – Principle of natural justice – Opportunity of hearing- Personal hearing through video conference was denied – Matter remanded [ Art , 226 ]

S. 80IB(10) : Housing projects- Commencement of development of residential project – Owner or developer -Date of approval -Ownership of land – Joint venture – The project for which permission was granted on 24 th July 2002 was not the same as that for which the ID lapsed in 2001- Eligible to deduction .

S. 68 : Cash credits – Enquiry was conducted by the Assessing Officer -Transaction was through banking channel- Creditworthiness established – Statement of lenders recorded – Explanation was not found to be false – Deletion of addition is affirmed [ S. 131(1)(d) ]