S. 263 : Commissioner – Revision of orders prejudicial to revenue -Capital gains- Two views possible and also when an appeal is pending before the CIT(A) on particular issue , Commissioner has no power to revise the order regarding that issue – Court also held that , since the matter has been pending for a quite long number of years and there has been repeated orders of assessment , the Court directed the AO to give effect to the of reassessment dt 31-12-2009 , wherein the AO has granted the benefit of S.54F of the Act . [ S.45,54, 54F , 263(1)(c) ]

S. 245D : Settlement Commission – When the Settlement commission passed the order following due process of law – The order passed by the Settlement Commission does not require interference. Department cannot be said to be aggrieved by such order Revenue cannot compel the Settlement Commission to reopen the earlier years by passing rectification order- Petition is dismissed .[S. 154, 245C,245D(4),245HA, Art .226 ]

S.147:Reassessment —With in four years -Survey -Related company-Inaccurate information of shareholdings shown in notice and illogical conclusions — Reassessment is held to be bad in law .[ S.133A, 148 ]

S.147: Reassessment —With in four years-Change of opinion- Claim of exemption was accepted in original assessment after scrutiny – Reassessment to withdraw Exemption on ground that some other aspects of claim was not examined will be change of opinion which is not permissible . [ S.10S, 10B, 148, 264 ]

S.147:Reassessment —with in four years- Change of opinion -Opinion of revenue Audit party- Foreign Exchange Fluctuation gain on interest income is not allowable — Notice for reassessment is held to be invalid [ S.148 ]

S.147: Reassessment —With in four years -Reasons for notice must be communicated-Failure to communicate the reason is not procedural lapse, it goes to the root of the matter – Mere participation of the assessee or authorised representative in the reassessment proceedings does not amount to the assessee being made aware or known of the reasons for such reopening- order is not valid. [ S.148 ]

S.147: Reassessment —With in four years -Cash credit — Capital – Partner- Return was not filed – No specific direction by CIT(A)- Notice for reassessment was held to be valid . [ S.68, 148 ]

S.147:Reassessment –With in four years-Change of opinion- Block assessment -Notice to reassess amount discovered during post search enquiries is held to be not valid . [ S.132,148, 158BC ]

S. 145A : Method of accounting – Valuation -Stock- Trading in shares — Valuation of shares according to net realisable value is held to be justified .[S.145(2) ]

S. 80-O : Royalties – Foreign enterprises -Fees for technical services rendered to foreign entity — Explanation added with effect from 1-4-1992 — Fees for services rendered in India- Not entitled to deduction – Principle of consistency or doctrine of precedents would not apply when there is change in law.