S. 22 : Income from house property –Un sold flat held as stock in trade- Annual value Rental income assessable as business income- [ S.28(i)]

S. 271AAA : Penalty – Search initiated on or after 1st June, 2007 –Unexplained cash —Not giving any plausible reply to satisfy search team or Assessing Officer during course of assessment proceedings — Levy of penalty is held to be justified.

S. 271(1)(c) : Penalty – Concealment -Failure to disclose in respect of income with respect to two bank accounts – Mistake of consultant – Omission neither deliberate nor contumacious in conscious disregard to his obligation — Bona fide mistake- Levy of penalty is held to be not justified . [ S. 44AD,139, 143(2) ]

S. 271(1)(c) : Penalty – Concealment – Disallowance of interest -Mere wrong claim not tantamount to furnishing of inaccurate particulars of income or concealment of income.

S. 271(1)(b) : Penalty – Failure to comply with notices – Regular assessment details were filed – Not ex prate best judgment – Penalty is held to be not justified [ S .142(1), 274 ]

S. 263 : Commissioner – Revision of orders prejudicial to revenue – Record – Provision for warranty- Assessing Officer forming proper opinion after making due enquiries and verification-Revision not valid. [ S. 37(1),145 ]

S.234E: Fee-Default in furnishing the statements- Provision Prospective — No demand could be made for Assessment Years for periods prior to 1-6-2015 [ S.200A(1)( c ) ]

S. 201 : Deduction at source – Failure to deduct or pay – Interest-Joint deposit holders —Not furnishing actual tax liability or details — Calculation of tax deduction at source liability in respect of 162 Cases justified [ S.194A, 201(1), 201(IA) Form No .15G 15H ]

S. 199 : Deduction at source – Credit for tax deducted – Percentage completion method- Offering income as and when accrued – Principle of consistency — Deferred income not liable to tax- Assessing Officer directed to restrict credit of tax deduction at source corresponding to income offered by assessee. [ S.145 ,R. 37BBA(3) ]

S.147: Reassessment -Unexplained investment -Date wise statement of withdrawal of cash from bank account and deposit in bank account neither faulted nor doubted — Addition is held to be not justified [ S. 69, 148 ]