S.56 : Income from other sources – Excess over Fair market Value of Shares – Deemed income – Not applicable – shares issued under a scheme of Amalgamation.[ S.56 (2)(viib) ]

S. 271(1)(c) : Penalty-Concealment-Claim supported by various decisions and documentary evidence-Levy of penalty is held to be not valid.

S. 271(1)(c) : Penalty-Concealment-Search cases-Income declared in return filed-Levy of penalty is held to be not valid-Not mentioning the specific offence committed-Levy of penalty is held to be not valid. [S. 132(4), 153A]

S. 251 : Appeal-Commissioner (Appeals)-Powers-Ex Parte-Should have called for assessment records and thereafter should have passed the order-Matter remanded for disposal afresh.

S. 154 : Rectification of mistake-Incorrect set of off Minimum alternate tax credit-Prima Facie Mistake Apparent From Record-Not A Debatable Issue-Levy of interest is held to be valid. [S. 115JB, 234B]

S. 147 : Reassessment-Unexplained money-Cash deposits in bank account-Reasons for reopening of assessment recorded by concealing order-sheet entries-Reassessment not valid. [S. 69, 148]

S. 143(3) : Assessment-Bogus purchases-No ad hoc addition can be made-Only difference between gross profit rate on genuine purchases and hawala purchases can be made. [S. 37 (1)]

S. 133A : Power of survey-Stock discrepancy and unexplained cash Offered for taxation in earlier year but Commitment retracted-Once statements accepted by survey team tax should be calculated for relevant year accepted by assessee-Addition made for the year under consideration was deleted.

S. 92C : Transfer pricing-Arm’s length price-Outstanding receivables -Working capital adjustment allowed to assessee-No adjustment called for. [S. 92B]

S. 92C : Transfer pricing-Arm’s length price-Advertising, marketing and promotion expenses-Not international transaction-No adjustment can be made. [S. 92CA]