S. 263: Commissioner – Revision of orders prejudicial to revenue – Book profit – Decapitalization of interest- Failure of Assessing Officer to examine computation of book profits – Order of Tribunal affirming the revision order of Commissioner is affirmed . [S. 32AB, 115J, 260A]

S. 271(1): Penalty – Concealment – Revaluing the asset, introducing it into the partnership, and withdrawing substantial funds, amounted to a device to evade tax rather than a genuine business transaction- The Explanation offered by the Appellant was found to be patently false – Levy of concealment penalty is affirmed . [ S.260A ]

S. 271(1)(c) : Penalty-Concealment-Disallowance of claim-Capital gains-Investment in a residential house-Tribunal in quantum appeal partially allowed deduction under section 54F, Assessing Officer is directed to recompute quantum of penalty. [S. 54EC, 54F]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Corporate social responsibility (CSR)-Allowed deduction under Section 80G-AO’s view is backed by various decisions of Tribunal-Assessment order can not be treated as erroneous and prejudicial to interest of revenue.[S.37(1), 80G, 143(3), Companies Act, S. 135]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Capital gains-Penny stock-Failure to make enquires-Revision is held to be valid.[S. 45, 147, 148]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Cash credits-Pendency of appeal before CIT(A)-Proposal sent by Additional CIT-No independent application of mind-Revision order is quashed. [S.44AD, 68 143(3)]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Search and seizure-Cash credits-Entries of unsecured loans-Failure to make necessary enquiries in reassessment proceedings-Assessment order is invalid-Revision order is invalid.[S. 68, 147, 153C]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Cash deposits-Share capital-share premium-Reassessment-Limitation-Relevant date for purpose of determination of period of limitation-Date of original assessment order and not date of reassessment order-Revision order is quashed.[S. 68, 147 148]

S. 254(2A): Appellate Tribunal-Stay-Pendency of rectification application before DRP-Tribunal has power to extend stay even beyond period of 365 days if proceedings are delayed for reasons not attributable to assesse.[S. 144C, 254(1)

S. 254(1) : Appellate Tribunal-Powers-Additional evidence-Share premium-The matter is remanded back to Assessing Officer for consideration after admitting additional evidence.[S. 56(2)(viib)]