S. 158BA : Block assessment-Undisclosed income-Sale consideration- Security deposit was not offered to tax on the ground that there was no provision in agreement enabling buyer to refund any part of sale consideration -Buyer treated amount paid as stock-in-trade- Addition is held to be justified. [S. 68]

S. 145 : Method of accounting Search-Statement on oath- Method of accounting- Estimation of income- Manufacturing of Jewellery and in trading of Gemsstones – Bogus purchase bills -Average gross profit – Tribunal deleted the addition- Court held that ,since average gross profit (GP) rate in assessee’s industry was 12 per cent, wherever profit of assessee was more than 12 per cent, same would not be refunded to assessee but where it was less than 12 per cent, income would be assessed on basis of 12 per cent. [S. 153A]

S. 144C : Reference to dispute resolution panel -Order passed by DRP must contain discussion of facts and independent findings on those facts by DRP; mere extraction of rival contentions will not satisfy requirement of consideration-Matter remanded. [S. 92C]

S. 144C : Reference to dispute resolution panel–Remand- Direction by the ITAT to AO/TPO to undertake a fresh exercise of determination of Arm’s length price -Failure to pass draft assessment order would violative of S.144C(1) hence bad in law -Not curable defects. [S. 92C, 153(2A), 254(1), 292B]

S. 139 : Return-Processing of return-Refund-Return filed by assessee had been forwarded to CPC by Assessing Officer-In such circumstances, CPC should take a decision as regards computation in 4 weeks-Not the Assessing Officer. [S. 237]

S. 132 : Search and seizure-Illegal search-Karta of HUF had initiated litigation against alleged illegal search action of department on HUF at relevant time, a member of HUF individually could not restart same litigation long many years after cause of action had arisen. [S. 158BC, Art. 226]

S. 92C : Transfer pricing-Arm’s length price-Adjustment of interest-Foreign subsidiary-Corporate guarantee-Loan to Associated Enterprises- Delay in realizing sale proceeds from Associated Enterprises – Adjustment should be made at average LIBOR rate existing at that time, i.e., at 0.79 per cent, instead of LIBOR +2 per cent. [S. 92B]

S. 69C : Un explained expenditure-Cash payments-Slips found during search-Since there was no material to substantiate assumption that slips denoted amounts outside cash book of assessee, addition was held to be not justified. [S. 132]

S. 69 : Undisclosed investment -Deletion of addition by the Tribunal is held to be appreciation of evidence -No substantial question of law. [S. 260A ]

S. 69 : Unexplained investments–Cash payments-diary seized from sister concern -Since no other evidence was recorded during search nor concerned person against whose name entry in diary appeared was examined, said addition was to be deleted. [S. 132(4)]