S. 271AAB : Penalty-Search initiated on or after 1st July, 2012–Levy of penalty is not mandatory – Merely on the basis of surrender the levy of penalty is not justified. As regards cash found in the Couse of search which was not disclosed in the books of account, levy of penalty was confirmed.

S. 254(1) : Appellate Tribunal Powers-Stay-Penalty–Concealment– Quantum appeal pending before Tribunal–AO directed not to pass final penalty order – However, penalty proceedings not stayed. [S. 271(1)(c)]

S. 254(1) : Appellate Tribunal–Powers-Remand with Directions– Consequential enhancement is held to be valid. [R. 8D]

S. 148 : Reassessment–Notice–Return filed in response offering lesser income- Assesse cannot raise fresh independent claims having effect of reducing income already declared. [S. 147]

S. 147 : Reassessment–Reasons recorded mentioned incorrect amount – No reason to believe–Reassessment is held to be bad in law. [S. 148]

S. 147 : Reassessment–After the expiry of four years–No additions sustained on the reasons recorded–Reassessment is bad in law . [S. 148]

S. 145 : Method of accounting-Project Completion Method-Percentage Completion Method-Project completion method is held to be valid- Deletion of addition in respect of advance received from customers is held to be valid. [S. 145(3)]

S. 143(3) : Assessment–Amalgamation–Merger -Assessment order passed in the name of non-existent entity–Held to be invalid. [S. 143(2)]

S. 68 : Cash credits-Bank statement cannot be considered as books maintained by assessee-Addition is held to be not valid.

S. 68 : Cash credits–All details regarding cable operators available on record–All deposits received in cheque which were subsequently refunded back- Deletion of addition is held to be justified.