Wealth tax -Act , 1957

S.7: Net wealth- Value of assets- Valuation of all assets and the valuation operated not on a year-to-year basis but for a four year cycle. The only exception was that where jewellery included gold or silver or any other alloy, the valuation of gold had to be undertaken annually- Deletion of addition was held to be justified .[ Wealth-tax Rules, 1957, 18 , 19 ]

S. 271AAA : Penalty – Search initiated on or after 1st June, 2007 –Manner in which undisclosed income earned was not satisfied -Deletion of penalty was held to be not valid [S. 132(4) ]

S.260A:Appeal -High Court- Procedure for registration –Trust or institution-In appeal High Court cannot direct the Commissioner to grant the registration for earlier years .[ S.12AA ]

S. 254(2):Appellate Tribunal-Rectification of mistake apparent from the record-Excessive delay by the Tribunal in passing judgement shakes the confidence of the litigants. orders have to be passed invariably within three months of the completion of hearing of the case. The delay is incurable. Even administrative clearance cannot cure the delay. Such decisions rendered after 3 months reflect a mistake apparent from the record and have to be recalled and the appeals heard afresh .[ R.34(5)]

S.249:Appeal -Commissioner (Appeals) – Form of appeal and limitation – e. filing of appeals before CIT(A) w.e.f.1-04-2016- Appeal filed in paper format should be permitted to make good the defeat and file an appeal electronically- Appeal cannot be rejected on technical grounds. Delay in filing the appeal is condoned and CIT(A) is directed to decide the issue on merits. [ R.45 ]

S.237: Refund -Refund of excess self-assessment tax —No power to condone the delay – Court cannot extend the date-Rejection of application was held to be justified . [S.119(2))b) 239 , Limitation Act , 1963 , S.5 ]

S. 225 : Collection and recovery – Stay -Appel pending before CIT(A)- Stay was granted by depositing part of demand .

S. 158BD : Block assessment – Undisclosed income of any other person -Recording of satisfaction can be done even after assessment of person searched , however must be recorded with in reasonable time. Recording of satisfaction was done after nine months after assessment of person searched is held to be bad in law. [ S.158BC ]

S.147: Reassessment — Change of opinion-Un explained investment -Reasons not recorded -Reassessment on the basis of report of departmental Valuer is held to be bad in law . [ S.148 ]

S.147: Reassessment —Reopening of assessment based on assessment of subsequent assessment Year without any new material is found ,reassessment was not valid. [ S. 80IA, 148 ]