S.147: Reassessment – Carry forward and set off losses – Change in the structure of entity from Trust to LLP – Status of an entity incorporated abroad has to be determined even in India according to the law of the Country where the entity was incorporated – Notice to reassessment was quashed [ S. 74, 148 , Art .226 ]
S.147: Reassessment – After the expiry of four years- Earlier proceedings quashed on technical ground- Fresh notice for reopening and rectifying the error is valid [ S.148, Art, 226 ]
S.147: Reassessment-After the expiry of four years- Failure to deduct tax at source- No failure to disclose material facts – Change of opinion- Reassessment is held to be not valid [ S. 44AB, 148, 194I ]
S. 145 : Method of accounting – Books of account cannot be rejected merely for non -maintenance of stock register [ S.145(3)
S. 144C : Reference to dispute resolution panel – Section 144C inserted by the Finance ( No.2) Act , 2009 with retrospective effect from Ist April , 2009 is prospective in nature and would not apply to AY. 2009 -10 or earlier assessment years – Order passed is beyond limitation hence null and void . [ S.143(3) 153(1) ]
S. 143(2) : Assessment – Notice – Appellate Tribunal- Ground on pure question of law can be raised before the ITAT- Notice issued by the ITO who did not have a jurisdiction to issue notice – Statutory notice u/s 143(2) lacks jurisdiction and order is bad in law [ S. 143(3) 254(1) ]
S. 131 : Power – Discovery – Production of evidence – Summons stating not to depart until permission granted – Violates fundamental rights guaranteed under Part III of the Constitution of India [ S.148, Constitution of India , 1950 Arts, 12 to 35 ]
S. 115JB : Book profit – Capital gains- Capital asset- Sale of agricultural land- Gains from sale of agricultural land which is not a capital asset cannot be included for computing book profit . [ S.2(14)(iii), 2(IA), 5, 10(1), 45 ]
S.68: Cash credits – Gift from father and brother – Agricultural income- Source of deposit explained – Addition is held to be not justified .
S.68: Cash credits – Gift received by son- Source of cash deposits were explained – Addition cannot be made on the suspicion that source of source is doubtful.