S.2(22)(e): Deemed dividend – Intercorporate deposit -Business transactions -Deposit in the course of business- Interest income was offered as income – Not assessable as deemed dividend.

S. 276C : Offences and prosecutions-Wilful attempt to evade tax -None of the authorities gave clear finding about evading tax wilfully- Minor lapse on the part of the assessee of not mentioning stock, undisclosed income in the facts of this case do not attract launch of prosecution- Prosecution proceedings were quashed. [S.277, 278B]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Capital gains-Valuation–Reference to valuation Officer- Discretionary power of the AO- Possible view–Revision is held to be not valid. [S. 45, 55A]

S. 254(2) : Appellate Tribunal-Rectification of mistake apparent from the record –Concealment penalty-Quantum reduced to nil-Deletion of penalty by Tribunal-Tribunal recalled earlier order on rectification application of the revenue-Recalling of the order is held to be valid. [S. 271(1)(c)]

S. 253 : Appellate Tribunal–Delay of 107 days-No affidavit of Chartered Accountant was filed–Delay was not satisfactorily explained–Appeal was dismissed being barred by limitation. [S. 254(1)]

S. 226 : Collection and recovery-Stay–Pendency of appeal before Appellate Tribunal-Transfer pricing adjustments–Respondents were directed not to enforce the demand and also not to adjust the refund amounts due and payable during the pendency of appeal before the Tribunal–Tribunal is directed to complete the hearing as expeditiously as possible and under no circumstances beyond 31st March, 2019. [S. 220, 254(1), Art. 226]

S. 115BBDA : Dividend received from domestic companies, tax on- Constitutionally valid and not arbitrary – Petition was dismissed. [S.10(34), 115BA, 115-0, Art. 14]

S. 56 : Income from other sources-Fair market value of shares- Direct Cash Flow (DCF) method-Valuation done by Chartered Accountant is rejected–Failure to prove projection / estimation was done on scientific method-Matter was to be restored to AO who would scrutinize valuation report and, adopt own valuation if not satisfied with explanation of assessee; however, basis of valuation would be DCF method and he could not change method of valuation which was opted by assessee. [S.56(2)(viib), 11UA(b)]

S. 56 : Income from other sources-Compulsory cumulative convertible Preference Shares (CCCPS) at huge premium-Voting right on various resolutions–Matter restored to CIT(A) to consider all terms of issue of preference shares and decide a fresh in terms of rule 11UA. [S. 56(2)(viib), R.11UA(2)(a)]

S. 54F : Capital gains-Investment in a residential house- purchasing land before period of one year prior to sale of another capital asset- Not entitle to exemption. [S. 45]