S.147:Reassessment — Based on observations made by Commissioner (Appeals) in case of another person that sum not taxable in that person’s hands —Notice based on same facts in respect of later assessment – Inadequate material for reopening of assessment is set aside .[ S. 132, 143(1), 148 ]

S.147: Reassessment-After the expiry of four years- Method of accounting -All material facts disclosed and examined by assessing Officer – Notice is quashed [ S.145A, 148 ]

S.68:Cash credits — Share capital- Books of account , bank accounts etc were not produced -Dummies or stooges of directors of the assessee company – Failure to offer reasonable explanation — Addition is held to be justified .

S.36(1)(iii): Interest on borrowed capital — New line of business-Amount must have been used for acquisition of asset and asset must have been used – Interest is not allowable.

S.32:Depreciation — Erection of windmills — Amount paid for Infrastructure — Depreciation is allowable.

S. 12AA : Procedure for registration –Trust or institution-Transfer of funds to another charitable institution —Cancellation of registration is not justified [ S. 11, Foreign Contribution ( Regulation ) Act , 2010]

S. 12A : Registration –Trust or institution- Seed certification agency- Advancement of object of general public utility – Entitle to registration .[ S.2(15) ]

S. 2(22)(e):Deemed dividend- Records of Registrar of Companies showing shareholding over 10 Per Cent. — Revised return filed before Registrar of companies subsequent to notice under Section 148- Loans received assessable as deemed dividend [ S. 147, 148 ]

S. 254(1) : Appellate Tribunal –Powers- While setting aside the order of Commissioner , the Appellate Tribunal cannot rewrite the Assessing Officer’s order and improve upon it .[ S. 14A,252, 263 ]

S. 147 : Reassessment –Search in premises of third party revealing unaccounted investments by assessee — Notice is valid [ S.132, 143(1),148 ]