S. 263 : Commissioner – Revision of orders prejudicial to revenue – Writ against notice is not maintainable , except where the Commissioner lacks jurisdiction .[ Art 226 ]
S. 263 : Commissioner – Revision of orders prejudicial to revenue – Writ against notice is not maintainable , except where the Commissioner lacks jurisdiction .[ Art 226 ]
S. 263 : Commissioner – Revision of orders prejudicial to revenue – Commissioner (Appeals) — Merger- Development expenses –Commission- Orders passed by Assessing Officer was merged with order of CIT(A) – Revision order is held to be not valid
S. 230 : Collection and recovery – Tax clearance certificate – liability of the assessee was more than Rs. 400 crores.- Insistence on a tax clearance certificate for the assessee to leave the country under the first proviso to sub-section (1A) of S.230 of the Act is valid .
S. 179 : Private company – Liability of directors -Person treated as Director should be given opportunity to be heard.
S.147: Reassessment — With in four years- Deduction allowed from Income from other sources in original assessment — No new facts on record — Reassessment to withdraw deduction is not valid .[ S. 56, 57(iii), 148]
S.147: Reassessment-After the expiry of four years- Reasons recorded referring to facts already on file of Assessing Officer- —No rational and tangible nexus between reason and belief — Reassessment proceedings quashed.[ S.148 ]
S.147: Reassessment-After the expiry of four years- Shell companies-Search of third person revealing that transaction disclosed by Assessee during original assessment was bogus — Notice is held to be valid .[ S.148 ]
S.68:Cash credits — Authorities entitled to look into surrounding circumstances to find out reality — Unable to state exact purpose for which loan of Rs. 1 Crore taken and stating her husband looked after all finances —No personal or business relationship of assessee with that party — Transaction squared in next financial year would not establish genuineness of transaction — Addition is held to be justified ( Relied , CIT v .Durga Prasad More ( 1971) 82 ITR 540 (SC) / Sumati Dayal v.CIT ( 1995) 214 ITR 801 (SC) ) [ S.131 ]
S. 43D : Public financial institutions – Mercantile system of accounting — Co-Operative Bank — Interest on non-performing assets cannot be recognised on accrual basis — Assessee bound by Reserve Bank of India guidelines.[ S.145]
S. 43(5) : Speculative transaction –Hedging-High sea sales –Not speculative-Allowable as business loss [ S.28(i)]