S. 271E : Penalty-Repayment of loan or deposit–No commercial exigency is shown–Levy of penalty is held to be justified. [S. 2(31), 269SS, 271D, 273B]

S. 271C : Penalty-Failure to deduct at source– Delay in paying whole or part of tax deducted at source- Reasonable cause-Penalty can be waived or reduced-Interpretation-When there is ambiguity interpretation in favour of assessee is to be adopted. [S.194C, 276C(1), 273B]

S. 263 : Commissioner-Revision of orders prejudicial to revenue– Land held as stock in trade-Revision is held to be not valid.

S. 254(1) : Appellate Tribunal-Powers-Payments prohibited by law- Reinsurance payments to non-Residents is not prohibited by law-The Tribunal has no power to exceed an order of remand by the High Court-Tribunal must decide issues raised in appeal—Tribunal has no power to declare Transaction illegal under different statute—Matter remanded to decide accordance with law. [S. 37(1), 40(a)(i), Insurance Act, 1938, S. 2(16B), 101A, 114A]

S. 226 : Collection and recovery-Modes of recovery-Appeal pending before CIT (A)–Upon payment of Rs.15 lakhs-Garnishee proceedings lifted. [S. 226 (3)]

S. 158BFA : Block assessment–Penalty-Undisclosed income-Not disclosed in the return–15% of undisclosed receipt was added as undisclosed income–Penalty is leviable. [S. 158B(b), 158BC]

S. 158BC : Block assessment-Undisclosed income—Does not mean entire undisclosed receipts—Tribunal justified in estimating 15% percentage of undisclosed receipts as undisclosed income. [S.158B(b)]

S. 147 : Reassessment-Claim for deduction cannot be made in Reassessment—Limitation- Not barred by limitation.[S. 149]

S. 147 : Reassessment-Notice based on appellate order-Documents showing share transactions were not genuine–Stockbrokers had elucidated on the sham and bogus nature of the share transaction- Matter remanded. [S. 68, 148]

S. 147 : Reassessment-Certificate was not produced -Inadvertently the deduction was allowed-Based on earlier years appellate order reassessment is held to be valid. [S. 80HHC, 148]