S. 263 : Commissioner-Revision of orders prejudicial to revenue – Clearing and forwarding -Estimate of income -Renting of godown as integral part of business-Plausible view – Revision is held to be not valid. [S. 145]
S. 263 : Commissioner-Revision of orders prejudicial to revenue – Clearing and forwarding -Estimate of income -Renting of godown as integral part of business-Plausible view – Revision is held to be not valid. [S. 145]
S. 254(2) : Appellate Tribunal-Rectification of mistake apparent from the record–Accommodation entries–Addition was confirmed as cash credits-Opportunity of cross examination- Rejection of rectification was held to be justified. [S. 68]
S. 254(1) : Appellate Tribunal-Duties-Bogus creditors -Gross profit – Reassessment -Business in iron and steel-Order passed without considering the material placed on record-Matter remanded to reconsideration. [S.68, 147, 148]
S. 147 : Reassessment- Audit objection-Undervaluation of stock-Reassessment is held to be not valid. [S.145, 148]
S. 145 : Method of accounting- Income -Accural-land development, had been Mercantile system of accounting- Cash system of accounting-Cannot adopt cash system in respect of one project and mercantile system in respect of other projects. [ S.5 ]
S. 143(3) : Assessment–Merger–Amalgamation-Assessment order in repect of an entity which was not in existence – Held to be nullity. [S. 127, 292BB]
S. 132 : Search and seizure – Issue of warrant of authorisation against the locker of the assessee, without disclosing any material or information stating that locker contained valuable jewellery or other articles representing undisclosed income warrant was unjustified and held to be illegal [ S.153A]
S. 127 : Power to transfer cases–Recording of reasons–Non application of mind -Reason must disclose that patently, logic and prudence has been applied before passing the order– Decentralisation of central charges cannot constitute sufficient reason to transfer the cases.
S. 80IA : Industrial undertakings – Infrastructure development-
Container Freight Station (CFS)- Eligible for deduction.
S. 68 : Cash credits–Deposits from members of pubic-PAN numbers, address and particulars relating to cheques were furnished-Assessing Officer has not further enquiry- Deletion of addition by the Tribunal was held to be justified.