S. 2(9) : Benami transaction-Amendment of Act in 2016 Provisions are substantive-Not applicable with retrospective effect-Every litigant has a vested right in substantive law, but no such right exists in procedural law-Interpretation of taxing statutes-Rule against retrospectivity-Transactions prior to amendment in 2016-Notices, orders for provisional attachment and adjudicating orders are set aside-Oder of High Court affirmed. [S. 2(9)(A) (2(9)(C), 4(a)(i), 24(3) 26(3), Art. Art.20 136]

Interpretation of Taxing statute-Binding precedent-Decision rendered following earlier decision – Subsequent overruling of earlier decision does not revive judgment passed earlier.

Income Declaration Scheme, 2016-Finnace Act, 2016 (2016) 384 ITR 87 (St)
S. 184 : Charge of tax and surcharge-Advance tax-Payment of tax-Credit for advance tax-Credit for advance tax must be given-Directed the respondents to issue certificate as required by Rule 4(5)-Notice issued in SLP filed by the Revenue.. [S. 183, 185 ITACT, S.199, 219 Art. 226]

S. 279 : Offences and prosecutions-Sanction-Chief Commissioner-Commissioner-Tax deduction at source-Delay in depositing the amount-No Limitation period for filing of Compounding application-The application cannot be rejected on the ground of delay in filing the application-Central Board of Direct Taxes cannot issue guidelines overriding the statutory provisions.[S. 119, 276B, 278B, 279(2), Art. 226]

S. 276C : Offences and prosecutions-Willful attempt to evade tax-Directors-Winding up petition-Liquidation-Discharge application-Official liquidator has to be a party-Directed the trial court consider the application-After adding official liquidator as a party to the case. [S.278B, 279, Companies Act, 1956, S.446, Companies Act, 2013, S 279]

S. 271D : Penalty-Takes or accepts any loan or deposit-Mobilizing deposits from people of small incomes, agriculturists and rural dwellers-Order of High Court deleting the penalty is affirmed. [S. 269SS, 269T, 271E, 273B]

S. 271(1)(c) : Penalty-Concealment-Search-Loss return-Revised return-Violation of principle of natural justice-Faceless assessment-The conduct of the Revenue would depict a partial violation of principles of natural justice-Personal hearing was not granted-Order of penalty is set aside to pass fresh order after considering the contentions.[S. 132,143(3), 153A, 274 Art. 226]

S. 271(1)(c) : Penalty-Concealment-Notice-Not specifying the limb under which the penalty proceedings are initiated-Order of Tribunal is affirmed. [S. 274]

S. 271(1)(c) : Penalty-Concealment-Co-operative societies-Deduction under section 80P-Notice is issued in SLP filed by the Revenue. [S. 80P(2)(a)(i), 80P(4), Regional Rural Development Act, 1976, S. 22]

S. 268A : Appeal-Instructions-Circulars-Monetary limits-Low tax effect-Appeal of Revenue is dismissed. [Art. 136]