Central Excise Act, 1944
S.4: Excisable valuation of goods for charging of duty of excise – Assessment – Relief – Rights of an assessee – Wrong mention of section would not be ground to refuse relief to an assessee if he is otherwise entile thereto .[Central Excise tariff Act , 1985 , Rule 57A ]
S. 147 : Reassessment – After the expiry of four years- Share capital – At the stage of re-opening, only a reason to believe should exist with regard to escapement of income. Definite conclusion would be drawn after raising queries upon the assessee in the light of S. 68 of the Act- Reopening is held to be justified -Sanction -Not required to provide elaborate reasons while approving the sanction -Succession – No requirement to issue two separate notices in name of amalgamated company as successor-in-interest of amalgamating company and to amalgamating company in its individual capacity, [ S.68, 148 ,151 170, Art , 226 ]
Indian Registration Act, 1908
S.17 : Documents which registration is compulsory – Family arrangement -A memorandum of settlement does not require registration- Order of High Court is set aside .
S. 56: Income from other sources -Consideration for issue of shares- Excess of the face value of shares- Market value – Method of valuation- The Assessee has the choice to choose a prescribed method for ascertaining the market value of the shares transferred- If the assessee has chosen one method of valuation provided under Rule 11UA (i.e. DCF method), the AO has no power or jurisdiction to change that method to another method- Addition is deleted . [ S.56(2) (viib) , R.11UA ]