S. 147 : Reassessment-Notice-Reasons recorded unfounded-No failure to disclose material facts-Violation of principle of natural justice-Notice without jurisdiction-Strictures-Reassessment done without adhering to the rule of law-Illegal demand and order quashed-Cost of 50,00,000 was awarded on Department-Government to frame Circular-Alternative remedy is not a bar to maintain writ petition. [S. 144B, 148, Art. 226]

S. 147 : Reassessment-Notice-Best judgment assessment-Capital gains-Reasons recorded non-existent-Notice and subsequent reassessment order quashed. [S. 45, 144, 144B, 148, Art. 226]

S. 147 : Reassessment-Addition made on the basis of for reopening assessment was deleted by CIT(A)-Other income cannot be assessed on the basis of invalid notice. [S. 148]

S. 147 : Reassessment-After the expiry of four years-No failure to disclose material facts-Shares received as gift and their value disclosed in original assessment-Reassessment notice is not valid. [S. 52(vii)(b), 148, Art. 226]

S. 145 : Method of accounting-Rejection of accounts-Estimate should be fair-Local knowledge and circumstances of assessee should be taken into consideration-Order of Tribunal affirmed. [S. 145(3), 260A]

S. 145 : Method of accounting-Change of method-Mercantile System of accounting to completed contract accounting-Change is bonafide-Income-Accrual-Bills certified as relating to work completed in relevant assessment year cannot be recognised as receipts and brought to tax. [S. 4, 5]

S. 144B : Faceless Assessment-Orders passed without affording reasonable time to respond to final show-cause notice-Order set aside and matter remanded to Assessing Officer. [S. 147, 148, Art. 226]

S. 132(9B) : Search and seizure-Provisional attachment-Repatriation of royalty or dividend-Interim order-Modification-Provisional attachment and barring repatriation of moneys abroad-Conditions modified subject to creating additional lien by way of fixed deposit in bank. [S. 132, Art. 226]

S. 68 : Cash credits-Burden of proof on Revenue to establish that credits represented undisclosed income-No evidence that explanation of assessee was false-Allegation of money laundering is a very serious allegation and the effect of a case of money laundering under the relevant Act is markedly different-The order passed by the Assessing Officer was utterly perverse and had been rightly set aside by the appellate authorities-Deletion of addition is justified.

S. 48 : Capital gains-Computation-Sale of shares-Expenditure incurred in connection with transfer of capital asset-Sale Of Shares-Amount paid in terms of agreement-Allowable as deduction. [S. 45]