S. 69A : Unexplained moneys-Accommodation bills-Bogus purchases-Onus of proof-Disallowance of expenditure is unsustainable where assessee discharges onus by furnishing substantial evidence to prove genuineness of transaction-Assessee is not required to produce third-party books of account. [S. 37(1), 132, 158BC, 260A]

S. 37(1) : Business expenditure –Method of accounting-Project completion method-Sales support and management expenses; Project completion method-Day-to-day business expenditure like staff salaries are revenue in nature; cannot be disallowed proportionately based on percentage of project completion. [S. 145]

S. 32 : Depreciation-Unabsorbed depreciation –Short term capital gains-Set-off-Unabsorbed depreciation pertaining to pre-amendment years (prior to AY 2002-03) is eligible for indefinite carry forward and set-off against income under any head, including capital gains, in subsequent assessment years. [S. 32(2), 70, 71, 72]

S. 17(2) : Salary-Perquisite-Constitutional validity-Amendment by Finance Act, 2007-Challenge to amendment-Outcome of writ petition to be governed by adjudication in similar petitions pending at Principal Seat.[S. 15, Art. 226]

S. 11 : Property held for charitable purposes-Business incidental to main objects-Surplus from a pharmacy operated by a hospital trust for its patients is ancillary to the main charitable object of medical relief and not taxable as business income.[S.2(13),10(23C)(via),11(4A),260A]

S. 4 : Charge of income-tax-Interest on compensation-Motor accident claims-Deduction at source-Interest other than interest on securities-Interest awarded from date of claim petition until judgment of Court is not ‘income’ and, thus, not exigible to tax; no TDS deductible. [S. 2(28A), 194A]

Direct Tax Vivad se Vishwas Act, 2020

S. 4: Filing of declaration-Pending revision-A revision application under section 264 of the Income-tax Act, 1961, filed with a request for condonation of delay, is considered ‘pending’ for the purposes of the DTVSV Act until it is disposed of by the CIT-An AO cannot reject the declaration on the basis that the revision is time-barred-The Assessing Officer was directed to process declaration of assessee and pass such order as required in accordance with law. [S. 2, Income-tax Act, 1961, S. 264, Art. 226]

Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015

S. 50 : Punishment for failure to furnish information about foreign asset-Stay of proceedings-Prosecution is premature when based on an assessment order against which an appeal is pending before the CIT(A)-High Court directed the revenue not to proceed further on the basis of the show-cause notice until the next date of hearing, thereby granting an interim stay [S.51 Income-tax Act, 1961, 276C]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Merger of orders-Revisional jurisdiction cannot be exercised on an issue which has been considered and decided by the Tribunal on appeal. [S. 80IA, 80IB, 271(1)(c)]

S. 148 : Reassessment-Notice-Notice based on a closed tax evasion petition and non-actionable information is invalid.[S. 147, Art. 226]