S. 68 : Cash credits – Capital gains – Penny stocks – STT paid – Denial of exemption is held to be not justified [ S. 10(38), 45, 69 ]

S. 276C : Offences and prosecutions-Wilful attempt to evade tax-Quantum and penalty appeal was pending-Prosecution is stayed until final judgement was delivered by Tribunal in pending appeal. [S. 143(3), 156, 271(1)(c) Code of Criminal Procedure, S. 482]

S. 276C : Offences and prosecutions-Wilful attempt to evade tax-Failure to file return-Refund due to assessee-Abuse of process of law-Prosecution was quashed. [S. 139(1), 276C(1)(i), 276CC Cr. P.C, S.482]

S. 276C : Offences and prosecutions-Wilful attempt to evade tax-Concealment of income-Failure to disclose capital gains-Application for quashing of proceedings was rejected. [S. 45, 278E, CPC, S. 313]

S. 271(1)(c) : Penalty-Concealment-Not recording satisfaction-Not striking irrelevant portion in the notice-Levy of penalty is not valid. [S. 260A]

S. 263 : Commissioner-Revision of orders prejudicial to revenue- Depreciation-Order passed by Assessing Officer relying on the decision of Tribunal-Subsequently reversed by High Court-Revision is not be not valid. [S. 32]

S. 254(2A) : Appellate Tribunal-Stay-Rejection of stay petition-No perversity or erroneous approach on part of Tribunal in not granting interim order-Order of Tribunal is affirmed. [S. 254(1), Art. 226]

S. 254(2) : Appellate Tribunal-Rectification of mistake apparent from the record-Delay of 3052 days-Period of limitation would commence from date when affected party got knowledge of decision in question and it would not commence from date when order was passed-Tribunal cannot dismiss the appeal for non appearance, it has to decide on merits-Cost of Rs.10,000 was imposed on the assessee for each year of appeal. [S.254 (1) 260A]

S. 254(1) : Appellate Tribunal-Powers-Deduction at source-Tribunal admitted the additional evidence and remanded the matter to decide afresh-Order of Tribunal is affirmed. [S.40(a)(ia)]

S. 254(1) : Appellate Tribunal-Duties-Property held for charitable purposes-Purchase of gold bullion-Application of income-Matter remanded to the Tribunal. [S. 11(5), 12AA, 13 (1)(d)]