S. 147 : Reassessment-After the expiry of four years-No failure to disclose material facts-Royalty payment – Reassessment is not valid. [S. 92CA, 147]

S. 145 : Method of accounting-Change in method of accounting- Proportionate completion method-Burden is on revenue to prove that change was with intent to defraud revenue-Insurance business-Third party administration services-Not insurance business. [Insurance Act, 1938, 2(9)]

S. 145 : Method of accounting-Valuation of closing stock-Undervaluation-Deletion of addition is held to be justified.

S. 143(3) : Assessment-Capital gains-Observation by Tribunal in quantum appeal that capital gains arose in the year ending in December 1993-Admitted tax-The assessee could not approbate and reprobate that what is not paid on the due date cannot be assessed at all. The claim for refund of tax paid on the admitted income was not sustainable. [S. 2(47), 45(5)(b), Transfer of Property Act, 1882, S. 53A]

S. 143(3) : Assessment-Income from undisclosed sources-Bogus purchases-Assessing Officer disallowing entire purchases-Estimation of profit element embedded in purchases at 17.5 Per Cent. affirmed by Tribunal-Order of Tribunal is affirmed. [S. 69C]

S. 115JB : Book profit-Amounts disallowed under section 14A cannot be added. [S.14A]

S. 115JB : Book profit-Waiver of part of loan and entire interest- Waiver of interest by IREDA could not be considered as withdrawal of a provision and could not be reduced from the book profits-Order of Tribunal is affirmed.[S. 41(1)]

S. 115JAA : Book profit-Deemed income-Tax credit includes surcharge and cess-Appellate Tribunal-Monetary limit-Includes surcharge and cess. [S. 2(43), 115WA, 253]

S. 115JAA : Book profit-Deemed income-Tax credit-Includes surcharge and education cess.

S. 115BBE : Tax on income referred in section 68, or section 69 or section 69B or section 69C or section 69D-Unexplained expenditure- Matter remanded to the Tribunal. [S. 69C]