S. 147 : Reassessment -Unexplained money – Income Declaration Scheme, 2016- Share premium and share capital-Disclosed by Gard Logistics Pvt. Ltd. as undisclosed income- Attempt to assessee the same income as undisclosed income of the assessee would amount to double taxation – Reassessment is bad in law .[ S.69A,143(1), 148 ]

S. 147 : Reassessment –Unabsorbed depreciation -Transient year where carry forward of earlier year had been brought forward to that year and again carried forward to next year for set off in appropriate assessment year -Reassessment is held to be bad in law .[ S.32(2), 143(3), 148 ]

S. 147 : Reassessment-After the expiry of four years-Power of reassessment is not one of review and the reasons recorded has to emanate from some material coming to notice of Assessing Officer after original assessment – Reassessment is held to be bad in law.[S. 80IA, 148]

S. 145 : Method of accounting –Banking company-Stock in trade-Securities held on basis of ‘Held to Maturity’ (HTM) were to be regarded as stock-in-trade and, thus, same had to be valued at cost or market value whichever was less.

S.142(2A): Inquiry before assessment–Special audit–Principal Commissioner, before deciding issue of approval for Special Audit gave opportunity to assessee- Writ is dismissed.[ Art .226 ]

S. 139 : Return of income –Failure to file tax audit report-Direction of the Assessing Officer to rectify the mistake- Revised return filed beyond period prescribed by Assessing Officer –No condonation of application was filed either before Assessing Officer , CIT(A) or Tribunal-Treating the return as in valid is held to be justified .[ S.44AB, 139(9)]

S. 139 : Return of income –Revised return- Rejection of revised return on the ground that it was not accompanied with tax audit report without giving an opportunity to rectify the mistake is held to be bad in law- Order was set aside and matter was to be remanded back for disposal afresh.[ S.44AB,139(5), 139(9)]

S.115JB: Book profit-Whether the provision of S.115JB is applicable to Banking Company is substantial question of law-Appeal of the revenue is admitted [ S.260A ]

S. 43B : Certain deductions only on actual payment –Service tax payable-Since services were rendered, liability to pay service tax in respect of consideration would arise only upon assessee receiving funds and not otherwise-liability claimed by assessee could not be disallowed.

S. 41(1) :Profits chargeable to tax – Remission or cessation of trading liability -Non-payment of outstanding liability which is admitted and acknowledged as due and payable cannot be assessed as remission or cessation of liability.