S. 2(14)(iii): Capital asset – agricultural land – land situated within the jurisdiction of municipality limit – Chargeable to capital gain tax. [ S. 2(14)(iii)(a), 2(14)(iii)(b), 45 ]

S. 68: Cash credits – Cash deposited – Demonetisation- Explained the source – Explanation cannot be rejected on the ground of after thought – Addition is deleted .

S. 271D: Penalty-Takes or accepts any loan or deposit-Cash transactions between group company-Common cashier-Book entries-Reasonable cause-Penalty is deleted. [S. 269SS, 269T, 271E, 273B]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Lack of enquiry-Sales through NSEL-Alleged out of book sales-NSEL has not responded to the letter issued by the Assessing Officer u/s 133(6)-Possible view-Revision is bad in law and quashed. [S. 133(6), 143(3)]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Lack of enquiry-Contribution to Provident fund and ESI-Justified in setting aside the order-Incentive payments-Commission-Tax deduction at source-Not justified in revising the order-Exempt income-Debatable issue-Revision order is set aside. [S. 14A, 36(1) (v), 139(1), 192, 194H]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Cash deposit-Demonetisation-No lack of proper enquiry-Proper explanation was furnished in the course of assessment proceedings-Revision order is quashed. [S. 68, 143(3)]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Cash deposited in the bank-Demonetisation-Possible view-Examined in the course of assessment-Revision order is quashed. [S. 68, 144]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Delay of 932 days is condoned-Merger-Appeal against quantum appeal was dismissed by the CIT(A)-Revision of order is bad in law. [S. 253(5), 250]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Fully convertible debentures-Transition amount-Accounting Standard 32-As per terms, would be of a fixed number of equity shares, criteria to classify financial instrument of convertible debentures were not indicative of any compounding financial instrument albeit it was equity-There would not be any transition amount requiring any adjustment in book profit as per section 115JB(2C)-No adjustment is required in the book profit by way of transition amount-Revision order is reversed. [S. 115JB(2C), 143(3)]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Assessment quashed by Tribunal-Revision order is bad in law. [S. 143(3), 153A]