S. 153A : Assessment-Search-Unsecured Loans-Unexplained income-Penalty-Amounts carried over from previous year cannot be assessed as undisclosed income of the current year-New loans-Failure to establish credit worthiness-Addition is affirmed-Unabated assessment-Purchase and sale of land-No addition can be made merely on the basis of annual information return. [S.68, 132, 271(1)(c), 276C]
S. 153A : Assessment-Search-No incriminating material was found-Addition is deleted. [S. 132]
S. 153A : Assessment-Search-Suppression of sales-Three parties-Extrapolation of sales justified only as regards three parties-Order of CIT(A) restricting the gross profit rate only in respect of three parties is justified. [S. 132, 153C]
S. 148 : Reassessment-Charitable trust-Non-Registration-Reassessment is quashed-Circular No. 1 of 2015, Dated 21-1-2015 (2015) 371 ITR 22(St) [S. 2(15),10(23C)(iv), 11, 12A(2), Maharashtra Nurses Act, 1966.
S. 148: Reassessment-Notice-Initiation of reassessment proceedings based on wrong recorded facts-Mistake cannot be treated as inadvertent-Reopening is void ab initio. [S. 147]
S. 148 : Reassessment-Notice-Non-Resident-Jurisdiction Of Assessing Officer-Additional ground-Admitted-Reassessment notice and consequential order is quashed.[S. 69, 143(3), 144C, 147]
S. 147 : Reassessment-Long-term capital gains-Sale of shares-Information from Investigation Wing-accommodation entries-Demat-Sales through registered broker-Shares were sold before splitting up of shares-No link between reasons recorded and formation of belief-Reassessment is invalid.[S. 10(38) 45, 148]
S. 147 : Reassessment-After the expiry of four years-Excess Indexed cost of acquisition-No failure to disclose material facts-Reassessment is quashed.[S. 45, 143(3), 148]
S. 147 : Reassessment-After the expiry of four years-Bogus purchases-Information from investigation wing-Incorrect reasons recorded and incorrect figures-Re assessment is quashed. [S. 143(3), 148]
S. 147 : Reassessment-After the expiry of four years-Bogus purchases-Change of opinion-No failure to disclose material facts-Reassessment is quashed.[S.69A, 69C, 148]