Goods and service tax. Finance Act 1994

S. 65: Builder- Collection of non refundable deposits – Not liable to collect service tax .

S. 220 : Collection and recovery – Assessee deemed in default –Pendency of appeal before CIT(A)- Stay of demand – The power of the AO to review the situation every six months, would not authorize him to lift the stay previously granted after full consideration and insist on full payment of tax without the assessee being responsible for delay in disposal of the appeal or any other such similar material change in circumstances.[ S.220(6) , 254(2A) ]

S. 56 : Income from other sources – The assessee has the option to determine the fair market value of shares either under the Discounted cash Flow ( DCF) method or the Net Asset Valuation ( NAV) method. [56(2)(viib ), R. 11UA ]

S. 48: Capital gains- Loan liability of mortgaged property – Doctrine of over-riding title- Not deductible from sale consideration while computing the capital gains .[ S. 4,45, 47(xii), 48(1), SAFAESI ACT ,2002 , S.13 ]

Contempt of Courts Act , 1971.

S.2(a):Contempt of court – Advocate -Held to be proper -Judicial independence and courage to be shown while delivering the justice . [S. 12]

Interpretation of taxing statutes – Dismissal of SLP in limine- Dismissal of SLP at threshold without indicating any reasons , does not constitute any declaration of law or binding precedent under Art. 141 of the Constitution of India [ Art. 141]

Interpretation – Allied law

No estoppel against law- Concession in law which is contrary to the statutory rules is not binding on the litigant.

S. 143(3): Assessment- If the case is selected for limited scrutiny of a specific issue, the AO has no jurisdiction to make additions or disallowances on other issues.

S.69: Income from undisclosed sources- Penny stock –Return of 491 % – Bogus long term capital gains- Stock Exchange has identified Cresssanda Solutions Ltd as penny stock being used for obtaining bogus long term capital gains- No evidence of actual sale except contract notes issued by share Broker were produced – Denial of exemption is held to be justified .[S.10(38), 45 ]

S. 271(1)(c) : Penalty–Concealment–Legal representative-After initiation of penalty proceedings death of the assessee-Penalty proceedings cannot be continued against his legal representatives. [S. 159]