S.147: Reassessment —Capital gains- Joint venture agreement with developer-Handing over possession of property and accepting refundable deposit — Matter Remanded to Assessing Officer. [ 2(47)(v), 45, 147, 148 , Transfer of Property Act 1882 , S.53A ]
S.147: Reassessment —Change of opinion- No new tangible material-Reassessment is held to be bad in law . [ S.148 ]
S.145: Method of valuation – Stock-In-Trade — Valuation —Encroached and litigated land — Cannot be valued at nil value — Remitting the matter to the Assessing Officer is held to be proper
S.145: Method of Accounting —Business of giving vehicles on hire purchase basis —Changing method of accounting to sum of digits but submitting returns on emi basis — Method is held to be proper
S. 144C : Reference to dispute resolution panel –Draft assessment order- Natural justice – Appellate Tribunal – Admission of additional evidence is held to be justified on question of law – When the Tribunal set aside the proceedings on the ground of violation of the principles of natural justice, the first exercise was void and without jurisdiction- Nothing remained on the record, including the draft assessment order-Issuance of a draft assessment order was necessary- Proceedings were to be started afresh on remand-.Non-issuance of the draft assessment order thus vitiated the final assessment order. [ S.92C, 254(1) ]
S. 127 : Power to transfer cases – Survey – Purpose of transfer for co-ordinated investigation of connected cases — Possibility Of Involvement Of Scam having international ramifications —Transfer order is held to be valid. [S.133A Art .226 ]
S.115JB: Book profit – Fluctuations In Foreign Exchange Rates-Exempt income- Deletion of addition is held to be justified . [ S.14A ]
S. 115JB : Book profit – Insurance company – Provision is not applicable – Solatium fund – Estimation done according to directions given by Government of India as per decision taken by general Insurance Company — Not liable to taxation . [ S. 4, 37(1)
S.80P: Co-Operative Society —Interest from credit to employees — Not entitled to deduction .
S.80IB (10): Housing Project —Entire project as composite one – entitle to deduction .