S.45: Capital gains — Transfer of bonus shares — Bonus shares in respect of shares held as stock-in-trade — No presumption that bonus shares constituted stock-in-trade — Tribunal justified in treating bonus shares as investments [ S.28(i) ]

S.32:Depreciation — Windmill —Additional depreciation – Trial run – Business of manufacture of matches- Windmill for production of electricity —Entitle to depreciation and additional depreciation .[ S.32(1)(iia) ]

S. 271C : Penalty – Failure to deduct at source – Land Acquisition Authority – Interest payment on delayed compensation voluntarily paid to farmers -Technical breach – Levy of penalty is held to be not valid [ S.194A , Rule 29C ]

S. 271AAB:Peanlty -Search initiated on or after Ist day of July 2012- Disclosure of additional income in statement recorded under S. 132(4) itself is not sufficient to levy penalty unless income so disclosed falls in definition of undisclosed income defined in Explanation to S. 271AAB(1) [ S.69C , 132(4) 153 (B) (1)( b) ]

S. 263 : Commissioner – Revision of orders prejudicial to revenue -Best judgement assessment-Interest and remuneration paid to partners-Revision of order is held to be valid . [ S.144 , 184(5) ]

S. 263 : Commissioner – Revision of orders prejudicial to revenue – TDS Mismatch – PCIT has issued show cause notice for seven issues and passed the revision order – Appellate Tribunal quashed the revision order after discussion all seven issues [ S .4 ,14A 37(1) 40A(2) 41(1) 43(6) 48 , 50C ,80IC ,92CA ]

S. 263 : Commissioner – Revision of orders prejudicial to revenue -Bad debt – Penalties – AO has called the relevant details in the course of assessment proceedings which were filed – Order of revision is held to be not valid . [ S.36(1) (vii) 37(1), 43B ]

S. 263 : Commissioner – Revision of orders prejudicial to revenue – Investment Bonds – Month means calendar month and not period of 30 days – Period of six months is to be considered as six calendar months and not 180 Days- Entitle to exemption – Order is not erroneous [ S.54EC ]

S. 254(2A): Appellate Tribunal –Stay- CIT (IT ) had already granted stay on collection of disputed demands till disposal of appeal on condition that assessee paid 30 per cent of demand- Order of stay being in a reasonable manner ,order is affirmed . [ S.143(3) 144C]

S. 194H : Deduction at source – Commission or brokerage – Credit card gateway facility – On line booking of tickets- Not liable to deduct tax at source as charges taken by bank and credit card agencies for providing facilities .