S. 147 : Reassessment-Search and seizure-Share application money-Assessment third person-Opportunity to cross-examine alleged entry providers not provided-Reopening solely on unverified, unrectified, unsubstantiated and unconfirmed statements of third parties-Not valid. [S. 131(1)(d), 132(4), 148, 153C]

S. 147 : Reassessment-Cash credits-Assessing Officer accepting objections and not assessing income which was basis of notice-Not entitled to assess income under some other issue independently. [S. 68, 148]

S. 147 : Reassessment-Failure to dispose objections by passing separate order-Reassessment not valid-Tax effect less than 20mlakhs-Appeal of revenue dismissed. [S. 143(3), 148]

S. 147 : Reassessment-After the expiry of four years-Change of opinion-Borrowed satisfaction of Investigation wing-Reassessment is bad in law. [S. 143(3), 148, 153A]

S. 145A : Method of accounting-Valuation-Valuation of closing stock-Hypothecation-No difference in quantitative details of stock furnished to bank and those maintained in books of account-Deletion of addition is held to be justified.

S. 143(2) : Assessment-Notice Issue of notice prior to filing return of income-Order invalid. [S. 147, 148]

S. 115JB : Book profits-Computation-Expenses on initial Public Offer-Assessing Officer to consider book profits as per treatment given in finalisation of accounts.

S. 115JAA : Book profit-Deemed income-Tax credit-Surcharge and cess part of Income-Tax available for adjustment against Minimum alternate tax credit. [S. 115JB]

S. 92C : Transfer pricing-Arm’s length price-Comparables-Companies with turnover in excess of Rs. 200 Crores-Not Comparable-Companies functionally different and those with diversified activities without segmental details not comparable–Working capital adjustment to be computed on basis of actuals without an upper limit-Matter Remanded-Reference to Transfer Pricing Officer-Limitation-Extended limitation available to Revenue. [S. 92CA, 144C, 153]

S. 92C : Transfer pricing-Arm’s length price-Comparables-Data could be compared from audited accounts of companies-Working Capital adjustment-Failure to consider correct figures while Computing adjusted margin-Directed to consider correct figure. [S. 92CA, 234B]