S.254(1): Appellate Tribunal – Power -Delay of 3389 days – NO sufficient cause is shown – Tribunal is justified in rejecting the application for condonation of delay .[ S.260A ]

S.142(2A ): Inquiry before assessment– Special Audit –Show cause is mandatory – Order passed without issuing the show cause notice is held to be bad in law – Order of Tribunal is affirmed .[ S. 132,142, 153B,260A ]

S.45: Capital gains – Carry forward of long term capital loss on sale of shares to be set of in subsequent years – long term capital loss on sale of the shares being exempt u/s. 10(38) of the Act- Question of law is admitted by the High Court . [ S. 2(14) (a) , 2(29B ),10(38) , 72, 260A ]

S.45: Capital gains- Surrender of tenancy rights – Assessable as capital gains and not as income from other sources – Invested in capital bonds is eligible for exemption u/s 54EC of the Act .[ S.48 , 54EC ,56 ]

S. 264 :Commissioner – Revision of other orders –Income from sale of property is shown as short term capital gains- Revision application made to assessee the income as business income [ S.5A, 28(i),45(2), 143(1) ,Portuguese Civil Code , Art .226 ]

S. 254(1) : Appellate Tribunal – Duties -Strictures – Disallowance of administrative expenses- Matter remanded to the Tribunal following the earlier year order. [ S.40(a)(ia) , 40(b)(a), 194C ]

S. 254(1) : Appellate Tribunal – Duties- Delay of 253 days in filing the appeal before the Tribunal is condoned – Directed the assessee to deposit Rs 10000 / with the Maharashtra State Legal Services Authority and submit receipt of the same before the Office the Tribunal – Directed the Tribunal to decide on merit [ S.12A(3), 253 ]

S.226: Collection and recovery – Modes of recovery –Pendency of appeal before CIT(A) – CIT(A) is directed to hear the appeal with on four weeks from the date of the receipt of an authenticated copy of the order- Stay proceedings were stayed . [ S. 179, 226(3) ]

S. 143(3) :Assessment – Capital -Revenue – Share premium- -Reassessment –Addition is made on account of share premium , without issuing show cause notice and without following the principle of natural justice -Income from other sources- Alternative remedy is available – Directed to file an appeal with in four weeks . [ S. 4, 56(1) , 148 ,246A, Art .226 ]

S. 147 : Reassessment – After the expiry of four years- No failure to disclose material facts which are necessary for assessment – Order of Tribunal is affirmed .[ S.14A, 40(a)(ia),115JB ,148,194J ]