S. 143(3) : Assessment-Search-Statement in the course off search-Purchase of property-No incriminating material was fund-Dumb document-Addition is deleted. [S. 132, 158BC]

S. 9(1)(i) : Income deemed to accrue or arise in India-Business connection-Non-Resident of Japan-Incurred loss-Only profits earned by Permanent Establishment in India is liable to tax-Addition is deleted-DTAA-India-Japan.[Art.7]

S. 271B : Penalty-Failure to get accounts audited-Death of assessee-Legal representative-Legal representative of deceased offender or criminal could not be penalised for offences or crimes committed by deceased.[S.44AB, 139(1), 159(4)]

S.271AAC : Penalty in respect of certain income-Unexplained cash deposit-Addition deleted-Levy of penalty is deleted. [S.69A]

S. 271AAB : Penalty-Search initiated on or after Ist day of July 2012-Undisclosed income-Mere surrender of income is not sufficient to levy the penalty-Penalty is deleted.[S. 132, 132(4),153A]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Cash credits-Sale of property-Showing company as seller-26AS showing tax deducted at source-Sub-Registrar’s Letter stating no sale transaction is specified-Incorrect income calculation rectifiable-Revision order is quashed. [S. 154]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Business loss-Set-off of brought-forward loss of earlier year in current year is unjustified-Revision is valid-Direction of Commissioner to reduce interest from the cost of project is not valid-Revision is not justified. [S. 28(i), 143(3)]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Income from other sources-Interest-Failure to conduct adequate inquiries-Interest paid and received-Justification for claiming interest-Without identifying any specific error in the order-Revision order is quashed. [S. 56, 57(iii), 143(3)]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Capital gains-Capital loss-Loss on reduction of shares-Assessable as capital loss-Capital loss can be set off against any other capital gains-Transfer-Reduction of capital resulting in extinguishment of right on shares amounts to transfer-Two possible views-Revision is not valid. [S. 2(47), 143(3)]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Capital gains-Search and seizure-Stamp duty valuation-No new discovery of fact-Order of revision is quashed. [S. 45,48, 50C, 153A]