S. 153A : Assessment-Search-Bogus long-term capital gains-Additions based solely on Investigation Wing report and untested third-party statements-No incriminating material-Addition deleted-Estimated commission on alleged accommodation entries-No evidence linking assessee with entire stock exchange transactions-Addition deleted-Alleged cash handling based on statement of office boy-No corroborative evidence or cash trail-Addition deleted. [S. 45]
S. 153A : Assessment-Search-No incriminating material relating to assessment year-Assessment under section 153A invalid.[S. 132]
S. 151 : Reassessment-Sanction for issue of notice-Approval under section 151 recording “Yes, I am satisfied and may be reopened”-Mechanical approval-Without independent satisfaction-Reassessment invalid.[S. 147, 148]
S. 149 : Reassessment-Time limit for notice-Limitation-Time spent in proceedings under section 148A to be excluded-Reassessment order passed beyond limitation-Invalid.[S.148, 148A(b)]
S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Search cases-Approval granted without recording finding of escapement of income-Notice under section 148 invalid. [S. 132, 147, 148, 148A(b), 151]
S. 147 : Reassessment-Amalgamated company-Notice issued in the name of non-existent entity despite knowledge of amalgamation-Reassessment void ab initio.[S. 148]
S. 147 : Reassessment-Notice after four years-Failure to disclose material facts not alleged-Reassessment invalid-Borrowed satisfaction-Reasons recorded based solely on Investigation Wing report-Reopening invalid.[S.68, 143(3), 148]
S. 145A : Method of accounting in certain cases-Unutilised CENVAT credit-Exclusive method of accounting consistently followed-No adjustment called for.[S. 145]
S. 145 : Method of accounting Rejection of books of account-Failure to produce records due to factory seizure-Estimation of gross profit-Reduction by Commissioner (Appeals) upheld-Assessing Officer doubting only trading results-No defect found in manufacturing segment-Overall rejection of books unjustified.[S. 145(3)]
S. 143(3): Assessment-Bogus purchases-Purchases supported by invoices, stock records and banking evidence-Sales accepted-Addition deleted-Delay of 136 days in filing cross-objection-Bona fide belief-Delay condoned. [S. 145(3), 254(1)]