S. 68: Cash credits-AO made additions towards consideration received by assessee on sale of shares-Assessee had duly disclosed receipt of capital gains and offered for tax-No occasion for making addition-SLP to be dismissed on ground of low tax effect. [S. 153A, Art. 136].

S. 28(i): Business income-Capital gains-Delay of 752 days-Not satisfactorily explained-SLP of Revenue is dismissed.[S. 45, Art. 136]

S. 2(47) : Transfer-definition-“Extinguishment of any right there in”-Reduction of share capital by company amounts to reduction of rights of shareholder to share in distribution of net assets upon liquidation extinguished proportionately-Such reduction of rights is Transfer within the meaning of section 2(47) of the Act.[S. 45]

S. 50 :Capital gains – Depreciable assets – Block of assets – Rate of tax – Deeming fiction is to be confined only to section 50 and it could not convert short term capital asset into long term capital asset and vice versa for other purpose of Act – Rate of tax would be in terms of section 112 at rate of 20 percent and not 30 percent .[ S. 2(29AA) 2(29B ), 2( 42A) , 45 , 48,49, 112(1) ]

S. 276CC : Offences and prosecutions-Failure to furnish return of income-Subsequent filing of return-Adjudication in assessment proceedings is not relevant for prosecution-Petition to quash the proceeding is dismissed. [S. 139, 153A, 276C, Criminal Procedure code, 1973, S. 468]

S. 276CC : Offences and prosecutions-Failure to furnish return of income-Interest is levied-Presumption that office has extended the time for filing of return-No mensrea-Criminal appeal of Revenue is dismissed-Judgement of acquittal is affirmed-Delay in filing income-tax return-Entire tax is deposited.[S. 139, 142, 148, 278E]

S. 276B : Offences and prosecutions-Failure to pay to the credit tax deducted at source-Educational institution-Fee reimbursement-90 per cent of students delayed the payment of fees-Reasonable cause-Criminal prosecution is quashed. [S. 192B, 194A 194C, 194J, 201(1)(a), 278AA, 279, Criminal Procedure Code, 1976, S. 482]

S. 271(1)(c) : Penalty-Concealment-Capital gains-Deduction is rejected-Levy of penalty is justified-Undisclosed income-Gift received from non-Resident-Penalty is justified. [S.54B, 54F, 69, 158BC]

S. 271(1)(c) : Penalty-Concealment-Capital gains-Additional income is accepted in the revised return-Penalty notice not specifying the charge-Order of Tribunal deleting the penalty is affirmed.[S. 143(1), 148]

S. 271(1)(c) : Penalty-Concealment-Not specifying the charge-Order of tribunal deleting the penalty is affirmed. [S. 260A]