S. 69: Unexplained investments – Unexplained jewellery- Search – Considering the assessee’s age, social status, occupation, family background and customary gifts received on various occasions, the Tribunal held the possession of 48.9 gms to be reasonable. Diamond and precious-stone-studded jewellery cannot be excluded from the benefit of CBDT Instruction No. 1916 merely because it contains diamonds or precious stones. Accordingly, the entire addition of Rs.3,86,186/- was deleted – Enhanced rate of 60% – Search conducted on 26-07-2016 – Amendment by Taxation Laws (Second Amendment) Act, 2016 – Enhanced rate applicable prospectively – Not applicable where search was conducted prior to 15-12-2016. [ S. 69A , 115BBE , 132 ]

S. 254(1): Appellate Tribunal- Powers- Award cost – Additional evidence – Conditional remand before the Assessing Officer -Demonetisation- Unexplained cash deposits, unsecured loans, sundry creditors and agricultural income – The assessee should, within one month from the date of the order, plant 500 trees and furnish documentary evidence thereof, or deposit the requisite cost with the NGO. [ S. 68 , 143(3) ]

S. 151: Reassessment – Sanction for issue of notice -Validity of unsigned approval- The approval under section 151 dated 30-3-2021 was unsigned, the Assessing Officer had no valid jurisdiction to issue the notice under section 148; consequently, the notice under section 148 and all consequential proceedings were quashed- The Court also held that section 292BC, being applicable retrospectively from 1-4-2021, had no application to the approval granted on 30-3-2021. [ S. 148 , 282A(2), 292BC , Art . 226 ]

S.142(2A): Inquiry before assessment-Special audit-Mandatory statutory procedure not followed-Assessment void ab initio.[S. 142(2C), 143(3) 145(3)]

S. 115BAB: Tax on new manufacturing domestic companies-Concessional tax rate-Manufacturing company-Option once exercised continues for subsequent years-Adjustment under section 143(1) not permissible without opportunity of hearing. [S.143(1)]

S. 92C: Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Working capital adjustment-Comparables selected by Transfer Pricing Officer-Matter remanded-Adjustment on overdue receivables consequential.[S.92CA]

S. 56: Income from other sources-Immovable property-Stamp duty valuation to be adopted as on date of allotment-Addition deleted.[S. 56(2(vii)(b)]

S.43B: Deductions on actual payment-Customs duty paid under protest-Refund offered to tax in subsequent year-Disallowance would result in double taxation-Deduction allowable-Addition was deleted. [S. 143(3)]

S. 40A(3): Business expenditure-Cash payments-Television serial production-Advances to cashier for petty expenses-Matter remanded for verification.

S. 40(a)(ia): Amounts not deductible-Deduction at source-Business expenditure-Generator hire charges and diesel reimbursement-No tax deductible on reimbursement of fuel cost-Matter partly restored-Professional fees-Tax deducted at source-Disallowance deleted-Purchase of ready-made shooting set-Sale transaction-Tax deduction at source not applicable.[S.194C, 194J]