S. 11 : Property held for charitable purposes – Dividend received on the shares which were received as donation towards corpus fund – Treated as part of corpus fund – Cannot be treated as income from other sources – Entitle to exemption. [ S. 11(1)(d),11(5), 13(1)(d)]

S. 68 : Cash credits – Sale of shares – Penny stock – Denial of exemption is not justified – Addition as cash credits is deleted – Estimated commission- Addition is deleted [ S. 10(38), 45, 69C ]

S. 271B :Penalty-Failure to get accounts audited-No penalty to be levied when Assessee has voluntarily filed audit report though belatedly and the delay in obtaining tax audit report is on account of bona fide reasons [S.274]

S. 271AAA : Penalty-Search initiated on or after 1st June, 2007-Issued notice under wrong section-Non-striking off of the irrelevant limb-Levy of penalty is bad in law.[S.153A, 271(1)(c)]

S. 271(1)(c): Penalty-Concealment-Notice-AO had not struck off the inapplicable portion as to whether the levy of penalty was for concealment of income or for furnishing of inaccurate particulars of income-Penalty is not valid.[S.274]

S. 271(1)(c): Penalty-Concealment-The assessee has neither concealed the particulars of the income nor furnished such facts which lead to the furnishing of inaccurate particulars.

S.263: Commissioner-Revision of orders prejudicial to revenue-Not for corrections, errors & mistake-No order in existence.[S.271(1)(c), 271AAB(IA)]

S. 263: Commissioner-Revision of orders prejudicial to revenue-Duly examined matter on mere surmise of human probability. [S. 142(1), 143(2), 143(3)]

S. 263: Commissioner-Revision of orders prejudicial to revenue-Assessment order which is nullity in law-Cannot be revised. [S.132A, 143(3)]

S. 263: Commissioner-Revision of orders prejudicial to revenue-Principal commissioner is not justified in initiating revision proceedings when proceedings have already declared under the Direct Tax Vivad Se Vishwas Scheme. [Direct Tax Vivad Se Vishwas Act, 2020, S. 8]