S. 153A : Assessment – Search- Even if search happens in case of assessee, the AO cannot initiate proceedings u/s 153A if incriminating material is found during search of other person- Proceedings should be initiated u/s 153C and failure to do so renders the addition in the s. 153A assessment void-ab-initio. [ S.153C ]

S. 148 : Reassessment – Notice- Mere issue of a notice is not sufficient – service of notice is essential – If the postal authorities return the notice unserved, the Dept has to serve under Rule 127(2) using one of the four sources of address (such as PAN address, Bank address etc). The failure to do so renders the reassessment proceedings invalid.[ S. 127, 147, 149, 282 Rule, 127 ]

S. 45: Capital loss- Long term capital gains- Long term capital loss – Set -off is allowed against taxable income .[ S.(2(14) ,2(39A)10 (38 ), 45, 70 , 71,72,74 ]

S. 6(6) : Residence in India – Not-ordinarily resident – Cash credits -If the assessee is non –resident amount found deposited in a foreign bank is not taxable in India either u/s 68 or u/s 69 of the Act – Period of 182 days to be considered for calculating residential status of a person migrated to Foreign Country . [ S. 68, 69 ]

Interpretation of taxing statutes – Precedent – Supreme Court -Pronouncement of Supreme Court is binding on High Court though not ratio decidendi of judgment .

S. 271(1)(c) : Penalty–Concealment-Notice not specifying the charge whether concealing particulars of income or furnishing inaccurate particulars of income–Failing to strike inapplicable words- Levy of penalty is held to be not valid. [S. 274]

S. 271(1)(c) : Penalty–Concealment–Recording the satisfaction as regards concealment of particulars of income–Imposition of penalty for furnishing inaccurate particulars of income–Levy of penalty is held to be not valid. [S. 274]

S. 263 : Commissioner – Revision of orders prejudicial to revenue –Interests of fixed deposits -If an amount is not chargeable to tax just because the payer has deducted the tax at source, the said amount cannot be brought to tax [S. 4].

S. 263 : Commissioner-Revision of orders prejudicial to revenue–Purchase of a land prior to date of transfer of agricultural land– Revision is held to be justified. [S. 45, 54B]

S. 255 : Appellate Tribunal–Third member–Powers- Third member has to pass an order agreeing with the one of the views. [S. 254(1), 255(4)]