S.147: Reassessment-After the expiry of four years-No failure to disclose material facts or new tangible material available-Payments under settlement with on-site employees in class action law suit in United States of America-Reassessment to disallow deduction on ground that amount expended was penalty-Payment not in nature of penalty-Reassessment not sustainable.[S. 37(1), 148, Art. 226]

S.147: Reassessment-After the expiry of four years-No failure to disclose material facts or new tangible material available-Disallow corporate social responsibility expenditure-Notice based on change in law in succeeding assessment year-Not valid.[S. 37(1), 143(3), 144B, 148,Art. 226]

S. Declaration-Circular restricting benefit to cases,where miscellaneous applications to Tribunal “dismissed in limine”-The rejection order passed by the Principal Commissioner was quashed and set aside. The Principal Commissioner was directed to issue acknowledgment in form 3 against the application made by the assessee in forms 1 and 2 under the 2020 Act.[S. 119, 254(2), Art. 226]

S. 276B : Offences and prosecutions-Failure to pay to the credit tax deducted at source-Sanction for prosecution source-Delay in depositing with Revenue-Tax deposited with interest-Circulars issued by Central Board of Direct Taxes-Interpretation of provisions of section 276B to include delay in deposit of tax deducted at source manifestly arbitrary Prosecution quashed-Non-issue of notice and order to treat any of them as principal officer of assessee No order imposing penalty as “deemed to be an assessee-in-default” on assessee or its directors-Criminal complaints against directors of assessee not stating consent, connivance or negligence on their part as required under section 278B(2)-Directors of assessee cannot be prosecuted-Conduct of business of company must have nexus with offence committed-Amendment in law from year 1997-Use of phrase “as required by or under provisions of Chapter XVII-B” Linked only with and explains manner of deduction of tax and payment-Assessee deposited entire tax deducted at source with Revenue for assessment years 2012-2013 to 2018-2019 with interest belatedly-Prosecution quashed.[S. 2(20), 2(35(b) 201(1A), 221, 276B, 278B(2), 279(1)-Criminal Procedure Code, 1973, S. 482.]

S. 271(1)(c) : Penalty-Concealment-Surrender of undisclosed income-Satisfaction recorded in the assessment order-Notice valid-Matter remanded to Tribunal to decide on merits.[S.132, 153A, 260A, Explanation 5A to section 271(1)(c), 274]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Long term capital gains-Order of Tribunal affirmed.[S. 45, 54F, 260A]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Presumptive basis-Order of Tribunal affirming the revision is affirmed. [S.44DA, 260A]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Understatement of closing stock-Order of revision based on suspicion-Not valid-Order of Tribunal affirmed.[S.260A]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Loans and advances-DDIT Investigation report-Shell companies-No discussion in the assessment order-Effect of insertion of Explanation to section 263 with effect from 1-6-2015-Revision order affirmed-Order of Tribunal set aside.[S. 68, 143(3), 260A, Explanation 2.]

S. 263 : Commissioner-Revision of orders prejudicial to revenue Reassessment-Finding of Tribunal that reasons supplied to assessee were not same reasons recorded and found in assessment record and that order of reassessment was not valid-Finding that since reassessment order itself was not validly passed, revision thereof by Principal Commissioner was invalid-SLP of revenue dismissed. [S. 147, 148 Art. 136]