S. 148A: Reassessment-Conducting inquiry, providing opportunity before issue of notice-Faceless assessment-Jurisdictional officer-manner Notices issued and proceedings conducted by the jurisdictional officer-Not sustainable-Direction that the order was subject to the outcome of special leave petitions preferred by the Department against the decision of the courts on the same issue before the Supreme Court.[S. 147, 148, 148A(b) 148A(d),151A, Art. 226]

S. 147 : Reassessment-After the expiry of four years-Capital gains-Capital asset or stock-in-trade-Transferred to subsidiary-Exemption granted-Withdrawal of exemption-Proceedings under section 155(7B) to be within a period of four years from the end of previous relevant year in which conversion was made Held, initiation of proceedings beyond four years would be barred by limitation-Reassessment notice and order disposing the objection quashed.[S. 45, 47(iv), 47A, 144B, 148, 154, 155(7B), Art. 226]

S. 139: Return of income-Central Board of Direct Taxes-Circulars-Compulsory audit of accounts-Circular extending “specified date” for submission of audit report-Due date-CBDT directed to issue circular to extend “due date” for filing of return. [S. 44AB, 119, Art. 226]

S. 132B : Application of seized or requisitioned assets-Seizure of jewellery and gold-Stipulated time of 120 days is directory and not mandatory. Consequence of non-release is liability to pay interest. No automatic release of seized articles on expiry of time limit [S. 132, 132B(1)(i), proviso, (4). Art.226]

S. 119: Central Board of Direct Taxes-Circular-Power vested in authority goes with duty to exercise it to advance the purpose for granting such power-Duty to exercise power in aid of enforcement of public or private right of citizen-Genuine hardship-Failure to file Form 10IC-tax New concessional rate of tax at 22 per cent-Delay ought to have been condoned. [S.115BAA(2), 119(2)(b), Art. 226]

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Most appropriate method “Any other method” Recourse only if none of other methods considered most appropriate method-Transfer Pricing Officer not recording reasons for not following transactional net margin method-Nor discussing applicability of any other method-Not justified in adopting residual method-Res judicata not applicable-But principle of consistency important.[S.92CA,260A, R. 10AB 10AB(1)(f)]

S.80IA: Industrial undertakings-Enterprises engaged in infrastructure development-Not a contractor but a developer of infrastructure facilities-Eligible for deduction-SLP dismissed on account of delay of 358 days and also on merit.[S.80IA(4), Art. 136]

S. 69C: Unexplained expenditure-Bogus purchases-Failure to appear in reassessment proceedings-Finding that the assessee had consciously and intentionally decided not to join the investigation-High Court affirmed the addition-SLP of the assessee dismissed. [S. 37(1), 147, 148, Art. 136]

S. 12A: Registration-Trust or institution-Pendency of appeal before Appellate Tribunal-Retrospective effect of circular issued by Central Board of Direct Taxes-Proviso curative and retrospective in nature to mitigate hardship and ensure fairness. Registration to operate retrospectively-Exemption allowable. [S. 11, 12, 12AA, 260A]

S. 11: Property held for charitable purposes-Exemption-Institution constituted by State for development of industrial estates and related infrastructure-Tribunal justified in holding assessee entitled to benefit of exemption [S. 2(15), proviso, 12, 13(8), 260A]