S. 263 : Commissioner – Revision of orders prejudicial to revenue – Reassessment – Invalid reassessment order cannot be revised – Revision u/s 263 cannot be made if reassessment u/s 147 was invalid, as reassessment was made without issue of notice u/s 143(2) [ S.143(2), 147]

S. 251 : Appeal-Commissioner (Appeals)–Powers-Unexplained expenditure-Opportunity of cross examination-powers of Commissioner (Appeals) are co-terminus with powers of Assessing Officer and if Assessing Officer failed to discharge its functions properly and conduct proper cross-examination and other enquiry, Commissioner (Appeals) ought to have allowed cross-examination of said parties Matter remanded back for fresh consideration. [S. 69C]

S. 201 : Deduction at source-Shortfall in deposit of TDS-Adjusted against the excess deposit in earlier years–No interest u/s. 201(1A)-Net result after adjustment is excess deposit of TDS by assessee. [S. 201(IA), 245]

S. 153 : Assessment–Limitation–Order of assessment passed within time but dispatched after expiry of time limit, Assessment held to be barred by limitation. [S. 153(2A)].

S. 147 : Reassessment–Notice–Reassessment without issuance of notice u/s. 143(2) is invalid and liable to be quashed. [S. 148]

S. 147 : Reassessment-After the expiry of four years-AO had made elaborate enquiry during original assessment and the Assessee had fully and truly disclosed all material facts–Reassessment is held to be bad in law. [S. 68, 148]

S. 92C : Transfer pricing-Adjustment ought to be made only on proportionate value of the international transaction and could not be made at an entity level.

S. 92C : Transfer pricing-When TPO has accepted assessee’s segmental bifurcation to arrive at TP adjustments, no adjustment is warranted in hands of assessee under such head- A Company who is not a persistent loss making concern can be included in final set of comparables–Functionally different companies cannot be good comparable-Foreign exchange fluctuations should be treated as operating income for Transfer pricing purposes.[S. 92CA]

S. 80IB : Industrial undertakings-Ownership of property is not a condition for claiming deduction.

S. 45 : Capital gains–Non refundable entry fee-Right which is not enforceable by law, cannot be regarded as a capital asset- Actionable claim right cannot be assessed as capital gains – In order to attract the provisions of capital gains it is axiomatic that there has to be an income derived by the assessee on transfer of a capital asset. [S. 2(47)]