S. 23 : Income from house property – Annual value – Stock in trade –Unsold flats which are held by a builder as stock in trade cannot be brought to tax under the head ‘income from house property’. They are only assessable as business profits when sold. [ S.22 ]

S. 263 : Commissioner – Revision of orders prejudicial to revenue –Change in share holding of more than 51 %-Holding company of assessee, had transferred its shareholding in assessee-company to another company which was again its subsidiary company – On facts, even after transfer of shares by assessee’s ultimate holding company to another subsidiary, beneficial ownership of assessee-company –Revision is not held to be valid and provisions of S. 79 would not apply [ S. 79 ]

S. 199 : Deduction at source – Credit for tax deducted – Credit for tax deducted at source has to be given in assessment year in which income has actually been assessed/offered to tax and not in year of deduction itself.

S. 50C : Capital gains-Full value of consideration- Stamp valuation-Even after applying provisions of S.50C, difference in capital gain declared by assessee and figure adopted by AO did not even exceed 10 per cent of stamp duty valuation, addition was deleted. [ S.45 ].

S. 37(1) : Business expenditure –Notional addition- Sale at discounted price to retailers was to increase volume of sales through e-commerce – Where a trader transfers his goods to another trader at a price less than market price and transaction is a bona fide one, taxing authority cannot take into account market price of those goods, ignoring real price fetched to ascertain profit from transaction-Revenue cannot bring to tax hypothetical income accordingly the addition was deleted- [ S. 2(24) ,4, 28(1), 40(A)(2)(a),145 ]

S. 28(i) : Business loss -Forfeiture of security-Capital or revenue-Encashment of bank guarantee for failure to construct bus shelter with in time prescribed in the agreement is allowable as business loss .

S. 271(1)(c) : Penalty – Concealment – Assessment based on estimate which was partially reduced at appellate stage – Levy of penalty is held to be not justified

S. 153A : Assessment – Search- Original assessment completed on date of search and no incriminating material found during search — Addition cannot be made .

S. 147 : Reassessment – Search-original assessment was pending before Commissioner (Appeals) — Assessing Officer is not empowered to issue reassessment notice — Reassessment is held to be illegal as void ab initio. [ S.148, 153A ]

S.147: Reassessment- Best judgement- Addition based on the statement of third party and some notings found from laptop of third party- neither the copy of statement was provided nor opportunity to cross examination was provided -Addition was held to be bad in law [ S. 144,148 153C ]