S. 263 : Commissioner–Revision of orders prejudicial to revenue– Debenture redemption reserve- Original Assessment u/s 143(3) dt. 30-12-2011–Reassessment u/s 143(3) r.w.s 147 dt 28-12-2016–Revision order dt. 26-3-2018-Revision is barred by limitation. [S. 115JB]

S. 147 : Reassessment-Intimation-Bogus share capital-Share premium- Reopening for taxing Bogus share capital: Even in a s. 143(1) intimation, the AO is not entitled to reopen on the ground that the assessee has received “huge share premium” which was not “examined” by the AO. The AO cannot reopen in the absence of tangible material that shows income has escaped assessment. [ S. 68, 143(1)]

S. 147 : Reassessment- After the expiry of four years-Information supplied by investigation wing –Issue of notice to a wrong person-Even in a case where return is accepted without scrutiny, the AO cannot proceed mechanically and on erroneous information supplied to him by investigation wing. If AO acts merely upon information submitted by investigation wing and on total lack of application of mind, the reopening is invalid. [S.143(1), 148]

S. 115JA : Book profit–Debenture Redemption Reserve– Ascertained liability–Deductible for computing book profits-Order of Assessing Officer as per the ratio of jurisdictional High Court-Revision is bad in law on merit and law. [S. 263]

S. 2(ea) : Asset- Cash in hand-Excess of Rs 50000- Not maintained books of account–Includible as asset- Non -productive assets- Amendment is constitutionally valid – Revision is held to be not valid when the Assessing Officer has followed the ratio of jurisdictional Tribunal. [S.25, Art 14]

S. 147 : Reassessment—Notice sent to old address-Duty of Assessing Officer to access changed Permanent Account Number database of assessee—Return filed showing new address- Reassessment is held to be bad in law. [S. 144, 148, R. 127]

S. 80M : Inter corporate dividends-Dividend declared in respect of earlier financial years distributed in assessment year in question —Entitled to deduction. [S. 263]

S. 80IA : Industrial undertakings–Infrastructure development-
Operation of Industrial Park approved by competent Authority—Entitle to deduction.

S. 69C : Unexplained expenditure – Addition was made in prior year – Addition cannot be made relevant year.

S. 69 : Unexplained investments-Investment was not satisfactorily explained – Addition is held to be proper. [S. 69A]