Words and Phrases — “And” — “Or”.

Interpretation of taxing statutes-Retrospective Operation- Presumption of retrospective application of amendments of Procedural nature.

S. 254(1) : Appellate Tribunal-Duties-Capital or revenue-Tribunal Recording Inconsistent findings–Matter remanded to Tribunal for decision afresh. [S. 37(1), 260A]

S. 148 : Reassessment–Notice–Reasons for reassessment need not be given in notice-Writ is held to be not maintainable–Respondent was directed to furnish the recoded reasons from the receipt of order copy–Petitioner can file objection if any against the recorded reasons with n four weeks from the date of receipt of the reasons. [S.147, Art. 226]

S. 147 : Reassessment-Mixed question of facts and law- Writ is held to be not maintainable–Time limit for issue of Rs. 1 lakh of is applicable to S.149(1)(b) and not for S,149(1) (a) of the Act—Notice to reassessment issued within six years is not barred by limitation. [S. 148, 149(1)(a), 149(1)(b), Art. 226]

S. 147 : Reassessment-All material facts disclosed in the original assessment proceedings–Reassessment to verify cash intensive transactions is held to be not valid.[S. 148]

S. 147 : Reassessment-No objection raised-Deemed to have acquiesced to reopening assessment-Existence of alternative statutory remedy- Writ is held to be not maintainable. [S. 148, Art. 226]

S. 92C : Transfer pricing-Arm’s length price-Comparables-Question of fact–Appeal is not maintainable. [S. 260A]

S. 35 : Scientific research–Research may be carried on by faculty or students-Research need not produce results-Rejection of application for approval without applying proper guidelines is held to be not valid – Matter remanded. [S. 10(23C), 35(1)(ii)]

S. 10B : Export oriented undertakings-Undertaking-Merger of two firms- Firm which is entitle to exemption merged with another firm which is entitle to exemption-New firm is entitle to exemption. [S. 10B(9), 10B(9A)]