S. 147 : Reassessment – No return filed prior to issue of notice — Annual Information Return Showing Deposits in Bank Accounts — No Compliance pursuant to notice — Reassessment notice is held to be valid- Unexplained investment- Agricultural income -Gift – Matter remanded to CIT (A) to pass speaking order . [ S. 69A ,144, 148 ]
S.145: Method of accounting – Fall in gross profit — Books of account not rejected – Ad hoc addition is not justified.
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S.145: Method of accounting – Bogus purchases — Estimation of Income — Addition Equivalent to Gross profit rate of 0.18 Per Cent. on declared turnover upheld [ S.37(1), 144 , 145(3) ]
S. 144C : Reference to dispute resolution panel -Draft assessment order – Proceedings concluded – Assessing Officer quantifying taxable income and determining tax payable and issuing and serving demand notice —Subsequent proceedings and orders non est — Subsequent participation would not debar assessee to raise validity before appellate authority.
S. 144C : Reference to dispute resolution panel -Draft Assessment Order —Order in name of non-existing person — Not valid – Mistake neither procedural irregularity nor rectifiable [ S.292B ]
S. 143(3): Assessment – Search and Seizure — Unaccounted income — Medical college — Donations and capitation fees — Onus upon revenue – Addition based on statement by Chairman of Trust — No Cross-Examination Allowed- Addition is deleted [S. 69 , 132, 147 , 148 ]
S.143(3): Assessment – Unverifiable purchases — Bogus purchases- Sales accepted- Failure by some parties to respond to notice- Entire purchases cannot be disallowed – Directed to estimation of gross profit rate on the turnover . [ S.37(1), 69C ]
S.143(3) : Assessment -Revision — Addition made pursuant to revisional order — Tribunal quashing revisional order — Resultant Proceedings would not survive [ S.14A, 115JB , 254(1), 263 ]
S. 132(4) : Search and seizure – Statement on oath – Short term capital gains- Offered in statement recorded during search – Brought forward capital loss of earlier years – Eligible to be set off against short term gains of current year – Set off of loss not to be denied on ground that not claimed in statement recorded during search [ S. 74 ]
S.92C: Transfer pricing -Arm’s length price — Exchange rate fluctuations —Taken part of operating margin [ S.92CA ]