S. 148 : Reassessment-Reasons recorded not communicated-Reassessment is held to be bad in law. [S. 147, 292BB]

S. 147 : Reassessment-Unexplained money-Enforcement Directorate without making any independent inquiry himself into matter-Borrowed satisfaction-Reassessment was held to be not valid. [S. 69A]

S. 147 : Reassessment-Business expenditure-Loss on bidding deduction-Tribunal quashed the reassessment on the ground that there was no failure on the part of assessee to disclose all material facts-High court quashed the order of Tribunal and remanded the matter back to Tribunal to decide on merit afresh. [S. 37(1)), 148]

S. 147 : Reassessment-After the expiry of four years-When re-assessment proceedings to disallow brought forward loss were held to be without jurisdiction, High Court could not issue fresh directions to Assessing Officer to look into other grounds. [S.72, Art. 226]

S. 143(3) : Assessment-Business of textile-Cash sales-Income from undisclosed sources-Income from other sources-Sale of opening stock cannot be treated as income from undisclosed sources. [S. 56, 68, 133A]

S. 143(3) : Assessment-Joint venture-Association of persons-Once amount had been offered to tax by its members-AOP could not be saddled with liability to pay tax in respect of same amount-Estimation of net profit at 11.59% was deleted-Order of Tribunal is affirmed. [S. 4, 2(31)(v)]

S. 132 : Search and seizure-Warrant of authorization-Search and seizure action is held to be valid though the petitioner resigned from said company four years ago-Writ petition was dismissed. [Art. 226]

S. 92C : Transfer pricing-Arm’s length price-Exclusion of ten comparables-Finding of fact-No substantial question of law. [S. 260A]

S. 72 : Carry forward and set off of business losses-Export Oriented undertakings-Declaration in terms of section 10B(8) was to be treated as directory as provision of this section does not provide for any consequence by non-filing of declaration by time limit-Carry forward and set off business losses was allowed to be set off. [S.10B(8)]

S. 70 : Set off loss-One source against income from another source-Same head of income-Loss from for eligible for exemption could be set off other unit which was not eligible for exemption under same head of income.