S. 139 : Return of income-Condonation of delay-Rejection of condonation of delay by the PCIT was held to be not justified-Order of single judge is affirmed with modification-Matter remanded to PCIT [S. 119(2)(b), Art. 226]

S. 132 : Search and seizure-Cash seized by police-Handed over to Income-Tax Authorities-Issue of warrant of authorization and retention. of cash-Held to be invalid. [S. 132A, 132B, Art. 226, 300A]

S. 92CA : Reference to transfer pricing officer-Transfer pricing-Arm’s length price-Limitation-Order passed by TPO on 1-10-2019 for barred by limitation by one day. [S. 92CA(3), 92CA(3A), 144C, 153, Art. 226]

S. 80P : Co-operative societies-Banking business-Entitle to exemption. [S. 80P(2)(a)(i)]

S. 80HHC : Export business-Insurance claim and miscellaneous income-No nexus with core business-Not entitle to deduction. [S. 80HHC(3)]

S. 72 : Carry forward and set off of business losses – Carry forward and set off of business losses against capital gains – Entitled to set off of carried forward business loss against capital gain arising on sale of business asset used for the purpose of business- Business Loss can be carried forward and set off against income attributable to business though assessed under different head – Interpretation of taxing statutes — Expressions in provision. [ S. 28 (i) , 45 ,50, 71 , 72 (1)(i).]

S. 69 : Unexplained investments-Gifts from relatives-Evidence not produced-Order of Tribunal is affirmed. [S. 254(1)]

S. 68 : Cash credits-Share application money-Primary onus on the assessee-Identity was applicants not established-Addition is held to be justified.

S. 47(xiii) : Capital gains-Transaction not regarded as transfer-Conversion of firm in to limited Liability partnership (LLP)-Conversion of equity shares held in Indian Company Into Partnership Interest in Limited Liability Partnership-Transfer-Capital gains taxable-Condition that total sales, turnover or gross receipts in business of company in any of three three preceding years should not exceed Rs. 60 Lakhs not satisfied-Transfer not exempt-Cost of acquisition of shares would be price at which shares were acquired by shareholder. [S. 2(47) 45, 47(xiiib), 47A(4), 50D, Limited Liability Partnership Act, 2008, S. 58(4)]

S. 45 : Capital gains-Transfer of shares by a series of transactions-Assessee has the right to arrange matters legally to avoid tax Tribunal right in holding that the transactions are genuine. [S. 49(1)(e)(xiii)]