S. 145: Method of accounting — Securitisation transactions — Sale to special purpose vehicle against lump sum consideration equal to book value – Offering excess interest spread to tax on proportionate basis as and when accruing over tenure – Method accepted by Revenue — Rule of consistency —Addition is deleted – Real income to be assessed .

S. 279 : Offences and prosecutions-Sanction-Chief Commissioner-Commissioner-Compounding of offence-Belated filing of application-Affidavit is filed explaining the delay-Matter is remanded to be decided on merits.[S. 276B, Art.226]

S. 279 : Offences and prosecutions-Compounding of offences-Compounding fees-Failure to deposit tax deducted at source-Subsequent offences-Compounding fee of 5 percent is affirmed-Compounding fee by all directors instead one director, directed to re examine.[S. 2(35), 276B, 278B, Art. 226]

S. 276C : Offences and prosecutions-Wilful attempt to evade tax-Penalty proceeding initiated against assessee for concealment of income was dropped-Trial Court rightly acquitted assessee. [S. 139(5), 277]

S. 271FA : Penalty-Annual information return (AIR)-Failure to furnish-Delay of 525 days-No reasonable cause-Order imposing the penalty is affirmed.[S. 273B, 285BA(1)(b), Art. 226]

S. 271E : Penalty-Repayment of loan or deposit-Limitation-Assessment order was passed on 31st Dec., 2010-Penalty order passed on 30th Dec., 2011 was barred by limitation-No substantial question of law. [S. 260A, 275(1)( c)]

S. 268A : Appeal-Instructions-Circulars-Monetary limits-Appeal of Revenue is dismissed-[WTACT, 1957, S.29]

S. 268A : Appeal-Instructions-Circulars-Monetary limits-Appeal of Revenue is dismissed-Reimbursement of expenses would not be liable to be included in income. [S. 5, (9(1)(i)261, Art. 136]

S. 264 :Commissioner-Revision of other orders –Interest on income tax refund-Assessed in the year 2012-15-Merely because an assessee has offered a receipt of income in his return does not necessarily make him liable to pay tax on said receipt, if otherwise said income is not chargeable to tax-Double taxation-Directed to pass the Revision order. [S. 56, Art. 226]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-No opportunity of hearing is given-Recording of contrary facts-Order is quashed-Revenue is directed to pay cost of Rs. 10000. [Art. 226]