S. 44AB: Audit of accounts – Business – Profession – Remuneration received from Partnership Firm – Firm is separate legal entity – Remuneration and interest from partnership firm – Not to be included in gross receipt or turnover – Presumptive basis – No tax Audit is required ,if remuneration does not exceeds threshold limit for Tax Audit- Return cannot be treated as invalid for failure to get Tax Audit report .[ S. 2(13), 2(31)(iv) , 2(36), 44AD, 139(9), 264 ,271B, Art , 226 ]

S. 271AAB : Penalty-Search initiated on or after Ist day of July 2012-Undisclosed income-Possession of undisclosed jewellery not undisclosed income-Penalty not leviable. [S. 132]

S. 271(1)(c) : Penalty-Concealment-Not specifying the limb of section-Penalty proceedings is not sustainable. [S. 274]

S. 271(1)(c) : Penalty-Concealment-Arm’s length price-Adjustment of transfer pricing-Disallowance of expenditure-Penalty not leviable.

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Substantial expansion-Initial assessment year-Order not erroneous-Revision was held to be not valid. [S. 80IC]

S. 154 : Rectification of mistake-Intimation-Not reporting income in proper columns-Double taxation-Income cannot be taxed twice-Matter remanded-DTAA-India-United Kingdom. [S. 143(1), Art. 13]

S. 153C : Assessment-Income of any other person-On money-Settlement Commission-Firm admitting that the surplus belong to the firm and related parties-Amount credited to partner’s account-Deletion of addition is held to be justified. [S. 132]

S. 147 : Reassessment-No fresh tangible material-Reassessment not valid. [S. 143(1), 148]

S. 147 : Reassessment-Compensation received-No discussion in the assessment order-Reassessment was up held. [S. 28(va), 148]

S. 147 : Reassessment-With in four years-Information from Investigation Wing-Client code modification-Mistake by share broker-Reassessment is held to be not valid. [S. 148]