S. 4 : Charge of income-tax-State of West Bengal Industrial Policy Scheme-Sales tax or Value added tax subsidy and power subsidy-For setting up new units in State-Capital receipts.

S. 148: Reassessment – Notice-Constitutional validity – The delegation authorized being only for the purpose of enlarging limitation under a valid law, such delegation could not be exercised to resurrect the provision of law that stood omitted from the statute book by virtue of its substitution made by the Finance Act, 2021, w.e.f. 01.04.2021 – Reassessment notices issued under section 148 of the Act are quashed-It is left open to the assessing authority to initiate – Re-assessment proceedings in accordance with the provisions of the Act, as amended by the Finance Act, 2021 after making due compliance as required under the law. [S. 147, 148A, 149, 151, 151A, 153, 292 Relaxation of Certain Provisions) Act, 2020 (TOLA), S. 3(1) of the Act 38 of 2020, Art. 226]

S. 147 Reassessment – Notice – Writ Petition – High Court dismisses the Petition – Not a reasoned order – Order set aside to High Court and decide a fresh on their merits . [S. 148 ,Art , 226 ]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Original assessment allowing the claim u/s. 80IA of the Act-Reassessment to disallow excess claim of deduction-Deduction was not subject matter in reassessment-Limitation to be counted from original assessment-Matter dealt with original assessment-Revision was quashed. [S. 8OIA, 143(3), 147]

S. 271(1)(c) : Penalty-Concealment-Builder-Estimation of profit-Levy of penalty was held to be not justified.

S. 271(1)(c) : Penalty-Concealment-Neither assessment order nor penalty notice specifying the charge-Revised return was filed before issue of notice u/s. 142(1) and 143(2) of the Act-Claiming only statutory deduction-Levy of penalty was held to be not valid. [S. 11(2), 12A, 142(1), 143(2), 274]

S. 271(1)(c) : Penalty-Concealment-Neither assessment order nor penalty notice specifying the charge-Revised return was filed before issue of notice u/s. 142(1) and 143(2) of the Act-Claiming only statutory deduction-Levy of penalty was held to be not valid. [S. 11(2), 12A, 142(1), 143(2), 274]

S. 271(1)(c) : Penalty-Concealment-Set off of unabsorbed depreciation and business losses-Making full disclosure-Penalty not sustainable. [S. 115JB]

S. 271(1)(c) : Penalty-Concealment-Disallowance of expenditure of annual exchange service charges-Levy of penalty is held to be not warranted. [S. 37(1)]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Share capital and share premium-Identity and creditworthiness established-Revision order is held to be not sustainable. [S. 68]