S. 271(1)(c) : Penalty -Concealment – Specific charge – Notice did not categorically specify whether penalty was invoked for concealment of income or furnishing inaccurate particulars – Levy of penalty is held to be not justified.

S. 271AAA : Penalty-Search initiated on or after 1st June, 2007– Penalty–Source of investment is explained and taxes not paid -Levy of penalty is held to be justified.[S. 132(4)]

S. 254(1) : Appellate Tribunal- Delay-Failure by assessee to appear before court despite several notices-Appeal liable to be dismissed for non-prosecution. [Limitation Act, 1963, S.3]

S. 194I : Deduction of tax at source—Rent-Internet connectivity charges and specialized line rental — Not liable to deduct tax at source.[S.9(1)(vi), 201(1), 201(1A)]

S. 147 : Reassessment-Share capital-Cash credits-Accommodation entries-No specific evidence–Reassessment is held to be in valid. [S.68, 148]

S. 153C : Assessment-Income of any other person–Search-Satisfaction note recorded by the AO of assessee was not by the AO of person in respect of whom search was conducted–Seized document not relevant to assessment year-Notice is void ab initio and vitiates entire assessment proceedings. [S. 132]

S. 153A : Assessment–Search-Real estate business-Suppression of turnover – Future sales on unsold plots on date of search cannot be brought to tax – No incriminating materials found during search- Assessment is not valid.[S. 132]

S. 115JB : Book profit-Computation under clause (f) of explanation 1 to section 115JB is to be made without resorting to computation as contemplated u/s. 14A of the Act- Only those investments are to be considered for computing average value of investment which yielded exempt income during the year- Matter remanded. [S. 10(35),14A, R.8D]

S. 80IA : Industrial undertakings–Infrastructure development- Interest, penal interest and miscellaneous income which cannot be separated from the business activity of developing, maintaining and operating industrial parks/ SEZ units are eligible for deduction

S. 73 : Losses in speculation business -Loss in investment in shares- Not engaged in business of trading in shares -Explanation to S.73 is not applicable -loss is allowable. [S. 45]