S. 45 : Capital gains -Penny Stock – Cash credits –Accommodation entries – DMAT account and contract note showed details of share transaction- Assessing Officer had not proved said transaction as bogus, capital gain earned on said transaction can not be treated as cash credits – Addition as cash credit was deleted- Order of Tribunal allowing the exemption was affirmed . [ S. 10(38), 68 ]

S.2(14)(iii): Capital asset-Agricultural land-Sale of agricultural land – Land revenue record shown as “ Lagavadi Yogya Sherta “ ( Cultivable land )- Vegetables and minor millets grown – Land situated in Raigad District – No condition is prescribed under the provision of section 2(14)(iii) of the Act that active agricultural activity should be there at the time of sale of the land – Only condition that it must be agricultural land – Consideration received is not liable to be taxed as capital gains .[ S. 45, 54B , 131 ]

S. 12AA : Procedure for registration –Trust or institution- Plastic Waste Management -Preservation of Environment as defined in Section 2(15) of the Act – Eligible for exemption – Denial of registration is not valid . [ S. 2(15), 11,12A, 12AA (1)(b)(ii) , Form No .10A , Constitution of India Art, 14, 19 and 21 , 47, 48-A ,51-A(g) , Environment (Protection) Act, 1986, the Water (Prevention and Control of Pollution) Act, 1974, the Air (Prevention and Control of Pollution), Act 1981 , ]

S. 11 : Property held for charitable purposes – Object of improvement in the town of Sangrur – Activities cannot be held to be commercial in nature – Entitle to exemption . [ S. 2(15), 12 , 13(8) ]

S. 148 : Reassessment –Notice – Objection to recorded reason was not disposed off by a separate speaking order – Order is bad in law .[ S. 143(3), 147 ]

S. 92C : Transfer pricing – Arm’s length price – Bundle of Sport Broadcasting Rights – Most Appropriate Method – CUP Method and Other Method – Report of an independent Valuer – Assessee can resile from the Most Appropriate method selected earlier -The Most Appropriate Method is other Method – On the facts the Assessing Officer was justified in making transfer pricing adjustment in the international transaction of acquiring Bundle of Sport Broadcasting Rights on the basis of deficiencies found by him in the valuation report submitted by the assessee- Majority view . [S. 92 , R. 10B, 10C ]

S. 276CC : Offences and prosecutions – Failure to furnish return of income – Return filed late – Directors of the firm held guilty – Sent to rigorous imprisonment for six months . [ S. 139 , 278E CPC , 248( 2 ), 313 ]

S.54F : Capital gains- Investment in a residential house – Co -owner of more than one house – Eligible for deduction- Precedent – When there are conflicting decisions of High Courts the view in favour of the assessee has to be followed . [ S. 45 ,54 ]

S. 271B :Penalty- Failure to get accounts audited -Books of account not maintained – Penalty cannot be levied for not getting the accounts audited .[ S. 44AB, 44AD ]