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]

S. 68 : Cash credits-Excise contractor-Demand drafts taken from certain parties-Not furnishing Permanent Account Number not a reason for making addition. [S. 69A]

S. 68 : Cash credits-Undisclosed bank accounts-Grocery business-Cross deposits and withdrawals-Combined peak credit of both bank accounts to be taken to work out element of undisclosed investments for undisclosed transactions.

S. 56 : Income from other sources-Business income-Director of company purchased one unit in a Hotel, had given for being run by a managing company, said unit could not be construed to be a business of assessee-loss from hotel unit assessed under head income from other sources and not as business loss. [S. 28 (i), 57]

S. 54B : Capital gains-Land used for agricultural purposes-Neither Depositing amount in capital gains account nor using net consideration for purchase of land before prescribed date-Not entitled to exemption. [S. 45]