S. 271(1)(c) : Penalty–concealment–capital gain exemption claimed–Quantum addition is confirmed-Full disclosure was made –No mala fide intention- Deletion of penalty is held to be justified.

S. 271(1)(c) : Penalty–Concealment-Tax paid claimed as deduction- Mistake of chartered accountant–Neither the affidavit nor evidence was produced -Levy of penalty is held to be justified. [S. 37(1), 40(ii)]

S. 263 : Commissioner-Revision of orders prejudicial to revenue -Bogus purchases and depreciation–Revision is held to be not valid. [S. 32, 69C]

S. 260A : Appeal-High Court-Delay of 224 days-Ex-Chairman’s health ailment was sufficient cause- Delay was condoned and High Court is directed to hear the appeal on merits .

S. 215 : Interest payable by assessee–Advance tax-Non deposit of amount by non -resident assessee–Levy was held to be not valid -No question of law.[S. 260A]

S. 148 : Reassessment – Notice in the name of deceased assessee- For acquiring jurisdiction to reopen an assessment, notice should be issued in name of living person, i.e., legal heir of deceased assessee-S292B could not be invoked to correct a fundamental/substantial error- Notice is held to be bad in law .[ S.147, 292B, 292BB ]

S. 148 : Reassessment-Recorded reasons not communicated – Produced before the Tribunal- Reassessment is bad in law. [S. 147]

S. 80HHD : Convertible foreign exchange –Hotel- Tour operator- Double deduction under Chapter VIA- Entitlement of deduction under diverse provisions in respect of same income- Matter referred to larger Bench. [S. 80IA]

S. 80HHC : Export business–Interest- Business income -Interest charged on delayed payment of sale consideration is assessable as business income.[S. 28(i)]

S. 28(i) : Business income- Interest income – Interest on amount advanced to contractor assessable as business income and not as income from other sources. [S. 56]