S. 2(22)(e): Deemed dividend-Advance against sale of commercial space-Addition cannot be made as deemed dividend.

S. 2(14)(iii) : Capital asset-Agricultural land-Land continued to be agricultural land in the revenue records-located 20 kms. away from municipal corporation limits-Cutting and carrying away of rubber trees did not change classification of land from agricultural to non-agricultural land-User by buyer is not relevant for assessing the gain in the hands of the assessee-Not liable to be assessed as capital gains [S. 45]

S. 194H : Deduction at source – Commission or brokerage – Sale of prepaid SIM cards to distributors – Discounts given by assessee-telecommunication company on sale of prepaid SIM cards to distributors- Not liable to deduct tax at source

S. 195: Deduction at source – Non-resident – Lower deduction of tax – Indexation – Binding precedent – Order of Tribunal is binding on lower Authorities – Capital gains – Cost of acquisition of the property in the hands of seller is deemed to be the cost for which the said property was acquired by previous owner – Excess tax paid by the petitioner was directed to be refunded with interest [ S. 2(29A) 2(42A) 45, 48, 49(1)(ii), 55(2)(b)(ii), 195 (2), 244A(1)(b), Art 226]

S.147: Reassessment – After the expiry of four years – No failure to disclose material facts – Change of opinion – Capital gains or business income – Sale of shares – Reassessment proceedings are quashed. [ S. 28(i), 45, 148, 154, Art 226 ]

S.147: Reassessment – After the expiry of four years – No failure to disclose material facts – Information based on search of third party – Reason recorded not indicated anywhere or any stretch of imagination the income has escaped assessment – Non application of mind by the sanctioning authority – Observed that the Assessing Officers will record better reasons for reopening and the Authority granting approval will also apply their mind sincerely before granting approval – Re assessment proceedings was quashed [ S. 148, 151, Art 226 ]

S.269SS: Acceptance of loans and deposits -Penalty Failure to prove reasonable cause – Penalty order was affirmed – Order of Tribunal is reversed [ S. 271D, 273B ]

S. 276CC : Offences and prosecutions-Failure to furnish return of income-Failure to file the return on due date-Wilful attempt to evade tax-Presumption of culpable mind-Burden is on the assessee to prove that the failure was not wilful. [S. 276C, 278E, Form No 26AS, Code of Criminal Procedure, 1973, S. 482]

S. 215 : Interest payable by assessee-Waiver of interest-Regular assessment means first order / original assessment-Delay not attributable to the assessee the interest is not leviable. [S. 139(8), 143(3), 144, 215(3) ITR, 1962, Rule, 40(1)]