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.

S. 69C : Unexplained expenditure-Seized material-Department not provided the details of transaction-Deletion of addition is held to be justified-No question of law. [S. 132, 260A]

S. 68 : Cash credits-Bogus purchases-Trading in ferrous and non-ferrous metal-Stock register produced-Deletion of addition is held to be justified-No question of law. [S.260A]

S. 68 : Cash credits-Purchase of scrap-Recalling the order is held to be justified-Deletion of addition is held to be justified. [S. 133(6), 254(2)]

S. 68 : Cash credits-Long term capital gains from equities-Penny stock-Tribunal-Duties-Tribunal was not justified in remanding the matter to the Assessing Officer-Order of CIT(A) confirming the addition was affirmed-Order of Tribunal set aside. [S. 10(38), 45, 254(1)]