S. 153A: Assessment-Search-Assessment of searched person-Search conducted at assessee’s residence-Assessment under section 153A is valid and not under section 153C-Completed assessments-No incriminating material-Transactions already recorded in books and bank statements-Section 68 addition not sustainable.[S. 68, 132, 153C]
S. 147: Reassessment-Reassessment cannot be initiated merely on vague ‘high-risk transaction’ information without tangible material. [S 68, 69, 148]
S. 147: Reassessment-Scope of reassessment-Addition on issues unconnected with recorded reasons-Reassessment is invalid where the addition made is unrelated to the reasons recorded for reopening. [Ss. 40A(3), 147, Expln. 3]
S. 147: Reassessment-Difference in GST and Income-tax Turnover-Addition cannot be sustained merely because turnover declared for GST purposes differs from turnover disclosed in the return, where the assessee furnishes a proper reconciliation explaining the difference.[S. 148]
S.147: Reassessment-After the expiry of four years-Bogus transactions-Change of opinion-Borrowed satisfaction-Lack of application of mind-Reopening invalid. [S. 68, 148, 151]
S. 145: Method of accounting-Rejection of books of account-Estimation of profits-Addition was deleted-Delay in appeal –Delay of 880 days-Delay was condoned. [S. 144, 145(3),253, Rule 46A]
S. 145: Method of accounting-Rejection of Books-Estimation of Profit-Form 26AS Difference-Loan Waiver-One-time settlement. Additions were deleted. [S. 145(3), 28(iv), 41(1), 145(3)]
S. 144C: Reference to dispute resolution panel-Limitation-Assessment-Transfer Pricing –CBDT Notifications-Assessment was time-barred-Invalid. [S. 143(3), 144B, 144C(3), 153(4)]
S. 143(3): Assessment-Suppression of Sales-Consignment sales are treated as unaccounted sales-Only gross profit and investment in purchases are taxable, not the entire sale proceeds. [S. 69]
S. 143(2): Assessment-Notice-Jurisdiction-Notice by Assessing Officer-Pecuniary jurisdiction-Non-issue of mandatory notice-The assessment was held to be void ab initio and was quashed. (S. 143(3)]