S. 143(3) : Assessment-Principles of natural justice-Opportunity of being heard-Notices sent to email address available on MCA website-Assessee having participated in assessment proceedings precluded from objecting to service of notice-No violation of natural justice-Writ petition dismissed. [S. 142(1), 282, 292BB, R. 127(2)(b)(iii) of the Income-tax Rules, 1962, Art. 226]

S. 143(3): Assessment-Notice under S. 143(2) issued by ITO lacking pecuniary jurisdiction-Assessee participated in proceedings before Dy. CIT without objection-Objection raised for first time before Tribunal barred by S. 292BB-Tribunal erred in quashing assessment-Matter remanded. [S. 143(2), 254(1), 260A, 292B, 292BB]

S. 132A : Powers-Requisition of books of account, etc.-Assets in custody of Police-Criminal case-Stolen property seized by police-Department cannot claim possession by issuing notice under s. 132A-Separate proceeding can be initiated only after decision of Court. [CrPC, 1973, Ss. 397, 401, 457]

S. 132: Search and seizure-Authorisation-“Reason to believe”-Satisfaction not perverse-Search action valid-Prohibitory order under S. 132(3) ceases after 60 days by virtue of S. 132(8A). [S. 132(3), 132(8A), Art. 226]

S. 127 : Power to transfer cases-Revocation of transfer order during pendency of writ and finalisation of assessments-Volte-face without reasons-Strictures passed-CBDT and Ministry of Finance directed to conduct enquiry. [S. 119, 127(2), Art. 226]

S. 119 : Return-Condonation of delay-Genuine hardship-Clerical error in ITR-Incorrect ticking of audit information column resulting in rejection of return as invalid-Delay in filing revised return to cure defect to be condoned.[S. 44AB, 119(2)(b), 139, Art. 226]

S. 115JB : Company-Book profit-Interest under S. 234B-Binding precedent of Co-ordinate Benches-Revenue bound to disclose contrary judgments-Allegation that earlier judgments were “obtained” deprecated-The duty of fairness expected from the Revenue, the Court observed that binding precedents should not be suppressed or casually attacked-Appeal dismissed. [Ss. 234B, 260A]

S. 115BAA : Tax on income of certain domestic companies-Exercise of option-Revised return-Non-filing of Form 10-IC-CBDT Circular condoning delay does not relax requirement of exercising option in return filed under S. 139(1)-Assessee having expressly stated “none of above” not eligible-Writ dismissed [S. 115BA, 115BAB, 139(1), Art. 226, Form 10-IC]

S. 92C : Transfer pricing-Arm’s length price-Most appropriate method-TNMM consistently accepted in earlier years-Rejection without reasons-Invocation of “any other method” under Rule 10AB not justified-Assessee’s PLI higher than mean PLI of comparables-No substantial question of law [S. 260A, R. 10AB]

S. 72A : Carry forward and set off of accumulated loss and unabsorbed depreciation-Amalgamation-Demerger-Relaxation of conditions under r. 9C(a)-Power of Central Government is discretionary and to be exercised only in exceptional cases-Failure to achieve stipulated capacity utilisation-Rejection of relaxation upheld-Writ petition dismissed.[S. 72A(2), R. 9C(a), Art. 226]