S.271(1)( c):Penalty — Concealment of income — Depreciation -Notice did not show nature of default – Assessee had understood purport and import of notice- Levy of penalty is held to be valid .[ S. 32 , 274 ]

S. 263 : Commissioner – Revision of orders prejudicial to revenue- Exclusion of the deduction allowed u/s 80IB while quantifying the deduction u/s 80HHC – Two views possible – Revision was held to be not valid . [ S.80HH ]

S. 221 : Collection and recovery – Assessee deemed in default -Pendency of appeal before CIT(A) -Attachment of bank account and recovery of amount -Recovery of the amount was held to be without following the due process of law -Stay was granted and directed the revenue 85 percent of tax recovered [ S. 156 ]

S. 153C : Assessment – Income of any other person – Search – No satisfaction was recorded sating that how seized material belonged to the assssee. In the absence of any incriminating material , notice was held to ne in valid [ S. 132 ]

S.147: Reassessment-After the expiry of four years- Reassessment —Interest on deposits not disclosed in return — Details were available in the books of account or the balance-sheet or profit and loss account could not absolve the assessee from a true and correct disclosure of material facts necessary for assessment. Explanation 1 to S. 147 is applicable – Reassessment is valid [ S.148 ]

S. 54F : Capital gains – Investment in a residential house – Assessee owning a house on date of transfer is not entitle to benefit under S.54F [ S.45]

S. 48 : Capital gains – Computation -Difference between market value and consideration declared, burden is on the revenue to prove -Addition was deleted [S. 45,52(1) ]

S.45:Capital gains — Shares purchased was pledged with bank – Actual date of transfer is when shares were delivered by bank to entity in subsequent assessment year. [ S.48 ]

S. 40(b)(v) : Amounts not deductible – Partner – Remuneration – Interest earned on investment of surplus money is not part of business income for computing the remuneration to partners – Disallowance was held to be justified .[ S.56 ]

S. 12AA : Procedure for registration –Trust or institution- Providing mid-day meals at Village Schools is charitable purpose which is entitle to registration . [ S.2(15) ]