S.43B: Deductions on actual payment – Adjustment u/s 143(1)(iv)(a)- Disallowance under section 36(1)(va) of the Act – Assessing Officer could not make disallowance based on observations made in Tax audit report that payments were made after due date specified under respective Acts- Adjustment u/s 143(1)(iv)(a) of the Act is bad in law – Judgement of Supreme Court in Checkmate Services Pvt Ltd v. CIT (2022) 448 ITR 518/ 218 DTR 218 / 143 taxmann.com 178 (SC) was rendered in the context where the assessment was farmed under section 143(3) of the Act hence not applicable when the adjustment is made u/s 143(1) of the Act. [ S. 2(24), 36(1)(va) , 139(1), 143(1), 143(i))(a)(v) ]

S. 272A : Penalty-Failure to answer questions-Sign statements-Furnish information-Illness of managing trustee of trust-Reasonable cause-Levy of penalty is not valid. [S. 139, 272A(2)(e), 273B]

S. 271G : Penalty-Documents-International transaction-Transfer pricing-Bench marking is accepted-Deletion of penalty is valid. [S. 92C, R. 10D(1)]

S. 271G : Penalty-Documents-International transaction-Transfer pricing-Valid satisfaction not recorded-Levy of penalty is not valid. [S. 92CA, 92D, 271(1)(c)]

S. 271BA : Penalty-Failure to furnish reports-International transaction-Transfer pricing-Bona fide belief-levy of penalty deleted. [S. 92CA, 92E]

S. 271(1)(c) : Penalty-Concealment-Disallowance of claim-mistakenly not added foreign exchange fluctuation amount to his income-Levy of penalty is not valid.

S. 271(1)(c) : Penalty-Concealment-Not specifying the charge-Bogus purchases-Levy of penalty is not valid. [S. 153A, 274]

S. 268A : Appeal-Monetary limit-Tax effect of quantum addition under dispute by revenue was less than prescribed monetary limit as fixed by relevant CBDT Circular, revenue’s appeal was to be dismissed.

S. 268A : Appeal-Monetary limit-Penny stock-Shown as business income-Long term capital gains-Appeal of Revenue is as withdrawn on account of low tax effect. [S. 45]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Transferred part of converted capital asset into stock-in-trade-failure to make enquiry-Revision is valid. [S. 45, 48]