S.147: Reassessment — Under invoicing of export invoices -Reassessment notice entirely based on the M. B. Shah Commission report without application of mind – Held to be not valid-Period during which lockdown was in force in country due to COVID 19 pandemic was to be excluded for purpose of computing time set out for pronouncement of judgment by Tribunal i.e. within 90 days from date of hearing . [ S.148, 255 , ITAT R. 34(5) ]

S.147: Reassessment-After the expiry of four years- Freezer security deposits —Lapsed liability taxed in original assessment on proportionate basis over four years from date of receipt —Tribunal finding in earlier year that amount taxable only in year of termination — Reassessment not valid.[ S.148 ]

S.145: Method of accounting – Estimation of commission income at a higher rate merely on basis of presumption that assessee had shown a very small margin without any convincing evidence is not sustainable- Mismatch in figures between balance-sheet of assessee and balance-sheet of other parties — Difference cannot be assumed unexplained income . [ S. 68, 145(3) ]

S.143(3): Assessment — Conversion of limited scrutiny into complete scrutiny -Principal Commissioner according approval in a mechanised manner — CBDT instructions- Violation of instruction No. 5 Of 2016 dt 14-7-2016 [2016 385 ITR (St.) 56 . [ S.142(1) , 144A, 292BB]

S.115JB: Book Profit- Sick Industrial Company —Discharged by Board for Industrial and Financial Reconstruction – Net worth turning positive – Matter remanded to the file of Commissioner (Appeals) to decide on merit by passing speaking order. [Sick Industrial Companies [S. 40(a) )(ia), Special Provisions) Act, 1985, S. 17(1) ]

S.92C: : Transfer pricing – Arm’s length price – Royalty -Paid for basket of services — Adjustment is held to be not justified -Advertising, marketing and promotion of sales expenses —No proof of existence of International Transaction —Adjustment made in respect of advertising marketing and promotion of sales expenses to be deleted -Expenses reimbursed matter remanded [ S.92CA ]

S. 80IC : Special category States -Sale of scrap — Scrap produced during manufacture —Eligible to deduction- Disallowance of interest -Quantification -Matter remanded . [ S.80IB ]

S.80IB : Industrial Undertaking — Apportionment of expenses between eligible and non-eligible units — Held to be proper .

S. 72A : Carry forward and set off of accumulated loss and unabsorbed depreciation – Amalgamation – revised return after order form High Court – Entitled to set off and carry forward of accumulated losses and unabsorbed depreciation [ S.2(19AA) , 32(2) ,72A(4) , 139(3) ]

S. 69B : Amounts of investments not fully disclosed in books of account – Survey -Hotel business- Telescoping- Entitle to Depreciation on eligible on hotel building- Matter remanded . [ S.133A ]