S. 148A: Reassessment-Conducting inquiry, providing opportunity before issue of notice-Grant of approval without application of mind-Benefits of giving opportunity of hearing after issue of initial notice under Section 148A(b)-Order passed under Section 148A(d) without giving requested opportunity of hearing-Approval by Principal Commissioner without application of mind-Order and consequent notice is set aside. [S. 147, 148, 148(A)(b) 148A(d), 149(1((b), 151, Art. 226]

S. 260A : Appeal-High Court-Precedent-Reference decided in favour of assessee-Appeal of Revenue is dismissed-Not establishing public interest on divergence of opinion among High Courts or Just Cause-Appeal is dismissed-Business income-Interest on securities-Business income-Business expenditure-Salaries and perquisites-Disallowance is to be restricted to expenditure apportioned under profits and gains of business or profession and not under head interest on securities.[S. 18, 20(1(i), 28, 36, 37(1), 40A(5), Art. 136]

S. 245C : Settlement Commission-Settlement of cases-Payment of taxes and interest-Evidence of payment-Rejection of application is not valid. [Art. 226]

S. 220 : Collection and recovery-Assessee deemed in default-Pendency of appeal-Purchase transaction-Bogus purchase-Not liable to submit seller’s stock register-Not liable to pay 25 Per Cent of demand.[S. 37, 156, 220(6), 250, Art. 226]

S. 153A: Assessment-Search-Reassessment-Completed or unabated assessments-Limitation-Liberty given to Revenue cannot be construed to have given liberty to Revenue from obligation to establish that reassessment proceedings are otherwise in accordance with law-Reassessment notice under section 148 and the consequential proceedings under section 147 were quashed. [S. 132, 147,148, 149(1), 150, 153C, Art. 226]

S. 148A: Reassessment-Conducting inquiry, providing opportunity before issue of notice-Notices and orders not mentioning name and designation of concerned officers-Notices and orders are set aside.[S. 147, 148, 148A(b), 148A(d), 282A, Art. 226]

S. 148A: Reassessment-Conducting inquiry, providing opportunity before issue of notice-Principle of natural justice-Sufficient opportunity to be heard is not given-Order is not valid [S. 147, 148, 148A(b), 148A(d), Art. 226]

S.147: Reassessment-After the expiry of four years-No failure to disclose material facts-Reassessment is not valid. [S. 148, Art. 226]

S. 145 : Method of accounting-Rejection of accounts-Rule of consistency-Offering income to tax in year in which services rendered-Tax rate same and no loss to revenue-Rejection of books of account is not justified. [S. 260A]

S. 143(3): Assessment-Natural justice-24 hours time to respond notice-No adequate opportunity to respond to notice-Assessment order is quashed and set aside-Matter remanded. [S. 144B, Art. 226]