S. 36(1)(vii): Bad Debts – Business loss- Amount paid to builder towards acquisition of commercial premises – Write off of the amount as irrecoverable neither allowable as bad debt nor as business loss – Assessee to prove both conditions of section 36(1)(vii) and 36(2) of the Act are satisfied- [S. 28(i) 36(2), 37 (1) ]

S. 268A : Appeal – Application –Reference – Instructions – Monetary Limits- Exceptions —Circular No. 23 of 2019 providing that monetary limits would not apply where CBDT by special order directed filing of appeals — The legislative intent is clear that circular dated September 6, 2019 would not apply with retrospective effect-Though the Revenue had alleged organized tax evasion activity on the part of the assessee in those pending appeals as on the date of Circular No. 23 of 2019, the Revenue could not be allowed to pursue these appeals. Since the tax effect involved in this batch of appeals was less than the monetary limit prescribed in the earlier circulars of the Central Board of Direct Taxes -, The Revenue was not allowed to proceed the appeals on the merits – Appeals of the revenue was dismissed .[ S. 119, 260A ]

S. 40(a)(ia): Amounts not deductible – Deduction at source – Tax deposited before filing of return – No disallowance can be made- Amendment made by the Finance Act, 2010 being curative in nature required to be given retrospective operation i.e., from the date of insertion of the said provision. [ S. 139(1) ]

S. 271(1)(b) : Penalty-Failure to comply with notices-Wrong address-Miscommunication-Levy of penalty is not valid. [S. 142(1), 144, 148]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Loss-Set Off-Business or Speculation Loss-Income or loss from similar transaction held to be from business in earlier years-Change of opinion-Revision invalid. [S. 143 (3)]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Limitation-Order passed in consequence of direction of High court in writ proceedings-Order passed beyond period of twelve months-Assessing Officer did not have jurisdiction to frame assessment-Revision is bad in law. [S. 92CA, 143(3) 144C, 153(5) 153(6), 260]

S. 158BFA : Block assessment-Penalty-No incriminating material found or seized-Estimate of income-Benami transaction-Failure to record satisfaction-Levy of penalty is not valid. [S. 158BC, 158BF(2)]

S. 147 : Reassessment-Search and seizure-Share application money-Assessment third person-Opportunity to cross-examine alleged entry providers not provided-Reopening solely on unverified, unrectified, unsubstantiated and unconfirmed statements of third parties-Not valid. [S. 131(1)(d), 132(4), 148, 153C]

S. 147 : Reassessment-Cash credits-Assessing Officer accepting objections and not assessing income which was basis of notice-Not entitled to assess income under some other issue independently. [S. 68, 148]

S. 147 : Reassessment-Failure to dispose objections by passing separate order-Reassessment not valid-Tax effect less than 20mlakhs-Appeal of revenue dismissed. [S. 143(3), 148]