S. 154 : Rectification of mistake–Expenditure incurred on issue of bonus shares–Allowable as revenue expenditure-Non-consideration of a decision of jurisdictional court or of the Supreme Court was a mistake apparent from the record and therefore liable to be rectified. [S. 35D, 37(1)]

S. 153A : Assessment–Search- Burden is on the department to prove that the seizure of the document and content thereof, so as to treat the document to be an incriminating document.-Deletion of addition is held to be justified. [S. 131]

S. 153A : Assessment–Search-Pending assessment abate–Order is set aside to determine the income as per S. 153A of the Act. [S.132, 143(2)]

S. 153A : Assessment–Search or requisition-Unaccounted sales- Seized documents containing both accounted as well as unaccounted sales-No material on record suggesting sales made over and above sales recorded in seized documents-Addition to be confined to income from unaccounted sales recorded in seized documents search and seizure.

S. 153A : Assessment-Search or requisition-income from undisclosed sources-excess stock-waste included by assessee in stock of yarn-department treating it as fresh yarn and making addition–Addition is held to be not valid.

S. 148 : Reassessment–Notice-reopening against assessee-firm on basis of order on appeal in case of partner of assessee-reassessment to bring to tax in hands of firm sum wrongly taxed in partner’s hands-limitation to be considered as on date of passing assessment order in partner’s hands. [S. 147, 149, 150(1)]

S. 147 : Reassessment-Order passed without disposing the objections–Order is bad in law. [S. 148]

S. 147: Reassessment-Assessment made in the name of a non-existing entity is void and liable to be quashed-Jurisdictional defect cannot be cured-Mere participation by the Assessee had no effect as there can be no estoppel against law. [S. 148, 292B R.27]

S. 147 : Reassessment—After the expiry of four years-Assessing officer not analysing details of expenditure while forming belief that income had escaped assessment-No specific expenditure could be termed as incurred exclusively for personal needs of assessee — Completed assessment of assessee after four years could not be reopened [ S.148]

S. 145 : Method of accounting-Construction business-Project completion method-Consistently following the method-Department should accept the method.