S. 2(22)(e) : Deemed dividend-Loans and advances-Commercial transactions-Addition cannot be made as deemed dividend.

S. 271G : Penalty-Documents-International transaction-Transfer pricing-TPO accepted benchmarking under TNMM-Levy of penalty is held to be not justified. [S.92D]

S. 271B : Penalty-Failure to get accounts audited-Vague notice-Failure mention specific charge-Levy of penalty is held to be not valid-Delay in filing tax audit report-Reasonable cause-Levy of penalty is held to be not justified. [S.273B]

S. 271(1)(c) : Penalty-Concealment-Estimate of income-Satisfaction-8% of contractual receipts-Levy of penalty is held to be not justified.

S. 268A : Appeal-Monetary limit-Penalty-Appeal of revenue is dismissed [S. 271(1)(c)]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Construction and service contracts-Percentage completion-Project completion method-Cannot be declared as invalid-Provisions of section 43CB prescribing percentage completion method for determining profits and gains of a construction company are to be applied mandatorily with effect from 01-04-2017 i.e. assessment year 2017-18 onwards-Revision is held to be not valid. [S. 43CA, 145]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Cash credit-Assessing the deposits as undisclosed turnover and estimating income at 4% of turnover-Only probability and likelihood to find error in assessment order is not permitted-Revision is held to be not valid-When undisclosed amount of assessee in his bank account as undisclosed business receipts/turnover provision of 115BBE would not attract. [S. 68, 115BBE]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Capital gains-Allotment letter-Holding period-From date of allotment of flat and not date of possession of flat-Revision is held to be not valid. [S .2(29A), 45, 54]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Commission-Without show cause notice cannot presume that incentive had not been paid-Share capital-Source of introduction of capital fully explained-Revision is held to be not valid. [S. 37(1), 68]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Branch to head office-Interest paid by Indian branch of assessee non-resident bank to its Head Office and overseas branches being a payment to self would be governed by principle of mutuality and, therefore, same could not be brought to tax as per provision of section 9(1)(v)(c)-Revision is held to be not valid-DTAA-India-USA. [S. 9(1)(v)(c), Art. 11]