S. 271(1)(c) : Penalty-Concealment-Bonafide mistake-Claim with respect to Long term capital loss.

S. 271(1)(c) : Penalty-Concealment-Non-striking off of relevant limb-lack of recording proper satisfaction by AO whether there was concealment of income or furnishing of inaccurate particulars of income by the Assessee-Non application of mind by AO-Levy of penalty is not valid. [S. 274]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Interest on borrowed capital-Loans utilised for purchase of properties and assets-Revision is held to be not valid. [S. 36(1)(iii)]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Lack of enquiry-Revision is valid-Deduction cannot exceed sum allowed in original assessment. [S. 143(3)]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Agricultural income-Mere audit objection or merely because another view is possible does not allow jurisdiction under the section, to claim the order of the AO as erroneous and prejudicial to the interests of the Revenue.

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Expenditure incurred towards spectrum is not an expenditure for acquiring right to operate telecommunication services but is an intangible asset eligible for depreciation u/s. 32 of the Act-Revision is bad in law. [S. 32, 35ABB]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Cash credits-Share capital premium-Discharged the burden in original assessment proceedings-Revision is bad in law. [S. 68]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Employees’ Stock option scheme expenses-Additional compensation-Revision is not valid-Book profit-Interest-Revision is valid. [S. 37 (1), 115JB(2)]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Transaction fee-Subject matter of appeal before CIT(A)-Original assessment reopened to tax profits earned on surrender of purchase pension policy-Return filed was accepted in reassessment proceedings-Reassessment becomes invalid-Revision is held to be not valid. [S. 14A, 56, 143(3), 147, 148]

S. 154 : Rectification of mistake-Deduction of tax at source-Aircraft lease-Order of High Courts-Tribunal for earlier year holding payment exempt and High Court dismissing Department’s appeal-Order of CIT(A) allowing the rectification order is held to be justified. [S. 10(15A), 40(a)(i), 250]