S. 28(i): Business income-Capital gains-Delay of 752 days-Not satisfactorily explained-SLP of Revenue is dismissed on account of limitation. [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.271D: Penalty-Takes or accepts any loan or deposit-Receipt of share application money in cash-The amount received by the assessee towards share application money did not fall under the purview of loan or deposits under S. 269SS and consequently, penalty under s. 271D was not leviable.[S.269SS]

S. 271AAA : Penalty-Search initiated on or after 1st June, 2007-Undisclosed income-Surrender of additional income during search-No specific discrepancy-Penalty is deleted.[S. 132, 132(4)]

S. 271(1)(c) : Penalty-Concealment-NCLT approved the plan-Penalty levied does not survive-Penalty is deleted. [S. 156, Insolvency and Bankruptcy Code 2016. 30(2), 31(1), 238]

S. 271(1)(c) : Penalty-Concealment-Deductions under sections 80C, 80CCF, 80D, 80DD and 80G ST and loss under the head Income from House Property-Return was filed after time-limit prescribed under s. 139(4) and was invalid return-Re assessment notice-Returned income and assessed income is same-Penalty is deleted.[S.139(4), 147, 148]

S. 271(1)(c) : Penalty-Concealment-No incriminating material during search-Additional income declared is accepted-Foreign bank account-Explanation 5A to section 271(1)(c) is not applicable-Penalty is deleted. [S. 153A, Art.]

S. 270A:Penalty for under-reporting and misreporting of income-Failure to establish the genuineness of donors-Anonymous donations-The issue is restored to the AO with a direction to give one more opportunity to the assessee to substantiate its case with evidences to his satisfaction regarding the identity and creditworthiness of the donors and the genuineness of the transaction. [S.270A(a)]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Formal education through music school-Education-Running a petrol pump whose receipts are claimed to be utilised for meeting its charitable objects-Assessment order is not erroneous and prejudicial to the interest of Revenue-Revision is quashed. [S. 2(15), 11(4), 11(4A)]

S. 254(1) : Appellate Tribunal-Powers-Pursuing wrong forum of appeal-Substantial justice-Delay is condoned-Matter is restored to CIT(A) for de novo adjudication. [S.176(3), 189, 250(4) 250(6), 253(5) 282, Rule. 127]