S. 147: Reassessment-Incorrect information-Reassessment is not valid-Receipt on sale of goods-Addition is deleted. [S. 68, 148]

S. 147: Reassessment-Cash deposits-No addition was made in respect of reasons recorded-Issue which is not subject of recorded reason-Addition cannot be made-Additional ground is admitted.[S. 148, 254(1)]

S. 147 : Reassessment-Survey-Information from Investigation Wing-Re assessment is valid-Expenses through international credit cards-Addition is sustained.[S.69C, 133A, 148]

S.147: Reassessment-After the expiry of four years-No failure to disclose material facts-Reassessment order is quashed. [S. 143(3)]

S.147: Reassessment-After the expiry of four years-No failure to disclose material facts-Re assessment is bad in law.[S. 45(2), 148]

S. 145A : Method of accounting in certain cases-Valuation of closing stock-Valuation of Inventories-If the AO add VAT to the closing stock value, then necessarily he has to add VAT amount in the opening stock value also and in that circumstances the net effect will be neutral-Addition of VAT amount to the closing stock value is not sustainable. [S.44AB]

S. 145 : Method of accounting-Rejection of books of account is justified-Bulk journal entries in the books of account-Provisions of S.40(a)(ia),40A(3) cannot be applied-Companies engaged in the same line of business, have reported profitability in the range of 3 per cent to 9 per cent across these years-The profit of the assessee is to be estimated at 10 per cent of the contractual receipts. [S. 40(a)(ia), 40A(3), 153A]

S. 143(3): Assessment-Limited scrutiny-Conversion of limited scrutiny into complete scrutiny without prior approval-CBDT Instruction No. 5 of 2016-Assessment is bad in law. [S. 143(2)]

S. 143(3): Assessment-Corrigendum to assessment order-Held to be valid-CIT(A) is directed to decide on merits.

S. 143(3) : Assessment-Copy of statement of foreign bank account is provided-Remand report is obtained-No violation of principle of natural justice-Order of CIT(A) is affirmed.