S. 143(3) : Assessment –On Money- The fact that the assessee has sold flats at an undervaluation does not mean that he has understated the consideration and earned undisclosed ‘on money’. The mere presumption that excess price could have been charged is not a ground for coming to the conclusion that the assessee did charge a higher price. The burden of proving such understatement or concealment is on the Revenue- Addition was deleted .

S. 68 : Cash credits –Bogus share premium-Addition cannot be made on the ground that the directors of the share subscribers did not turn up before the AO. The assessee can be required to prove only such facts which are in his knowledge. Creditworthiness of the subscriber cannot be disputed by the AO of the assessee but by the AO of the subscriber. If the assessee has discharged its onus to prove identity, creditworthiness & genuineness of the share applicants, the onus shifts to AO to disprove the documents furnished by assessee. In absence of any investigation, much less gathering of evidence by the AO, an addition cannot be sustained merely based on inferences drawn by circumstance .

S. 68:Cash credits- Survey-Addition of undisclosed income cannot be made on the basis of (a) entries in dairy found during survey & (b) admission of director in s. 133A survey if assessee has filed a retraction and alleged that the entries/ statement were recorded under pressure. Statement u/s 133A is merely information simplicitor and not evidence per se. Addition cannot be sustained if the Dept has not investigated the matter and find material to support the addition. [S.133A ]

Interpretation of taxing statutes -Income-tax — Provisions of Customs Act And Excise Act are different and not relevant in construing provisions of income-tax Act.

S. 279 : Offences and prosecutions – Sanction -Show cause notice-Writ against show cause notice is premature and not maintainable -It is not necessary for the authority to issue a show cause notice before granting an order of sanction .[ S. 276(c )(1), 277 , Art .226 ]

S. 271(1)(c) : Penalty – Concealment -Capital gains- Quantum proceeding was decided in favour of the assessee- Penalty cannot be imposed [ S.45 ]

S. 254(1) : Appellate Tribunal – Duties- Additional grounds – Tribunal must consider additional grounds raised on question of law arising from facts on record .

S. 254(1) : Appellate Tribunal – limitation – Tribunal considering appeal from order of assessment and dismissal of appeal from order of revision without considering on merit is held to be not valid .[ S.263 ]

S. 244A : Refunds – Interest on refunds -Tax deduction at source- Order of commissioner denying interest on facts is upheld by High Court — Court cannot go into merits of contention unless the order is perverse . [ Art .226 ]

S. 237 : Refunds -Duty of the Authority to pass orders on claim of refunds without delay and with in three months from the receipt of the a copy of order.