S. 263: Commissioner-Revision of orders prejudicial to revenue-Demonetization-Cash deposit-Assessing Officer had not conducted verification of cash deposit made by assessee in bank account-Revision order was affirmed.[S.115BBE, Art. 226]

S. 245C: Settlement Commission-Settlement of cases-Procedure-Application-Search and seizure-True and full disclosure-Undisclosed income in jewellery business-Modus operandi of inflation of refinery loss-Full and true disclosure in application of manner in which undisclosed income derived-Rejection of application on ground of failure to truly and fully disclose-Dismissal of writ petition-On appeal division bench held that failure of competent authority to scrutinise in detail assessee’s application resulting in dismissal of writ petition Order in writ petition and order rejecting application for settlement of case set aside-Matter remanded to competent authority with directions to scrutinize application. [S. 69B, 115BBE, 132, 245C(1), 245D(4), 245HA, Art. 226]

S. 245C: Settlement Commission-Settlement of cases-Procedure-Application-Search and seizure-True and full disclosure-Consideration of application under section 245D(4) in its entirety and not piecemeal-Settlement Commission cannot change assessee’s declaration and treat income disclosed in one head as another head and impose tax-Rejection of application was affirmed. [S. 69B, 115BBE, 132, 245C(1), 245D(4), 245HA, Art. 226]

S. 154: Rectification of mistake-Mistake apparent from the record-Rectification order was passed after expiry of four years, holding that assessee was required to pay interest under section 234A,-ITNS-150 was an order under section 143(3), and any amendment to same would fall within scope of an amendment as contemplated under section 154(1)(a)-Rectification order was barred by limitation.[S. 154(1)(a), 234A]

S. 154: Rectification of mistake-Mistake apparent from the record-Undertakings-Special category states-Binding precedent-Tribunal’s order had attained finality; rectification proceedings were held without jurisdiction as judicial discipline required lower authorities to loyally follow binding appellate directions, and rectification proceedings amounted to sitting over orders of higher authorities.[S.80IC,254(1), Art. 226]

S. 153C: Assessment-Income of any other person-Search-Survey-Having bearing–Provisional balance sheet-Existence of primordial requirement of material relating to undisclosed income even prior to amendment in year 2015-Tribunal justified in annulling assessment.[S.132, 133A]

S. 153A: Assessment-Search-Admissibility of electronic records-Alternative remedy-Assessment proceedings are not judicial proceedings and technical rules of the 1872 Act are not applicable-Non-furnishing of certificate mandated under section 65B cannot be a shield to resist reception of electronic record-Order in writ petition set aside.[S. 132, 143(3), 144, 246A, Art. 226, Indian Evidence Act, 1872, S.65A, Bharatiya Sakshya Adhiniyam, 2023,S.63]

S. 151: Reassessment-Sanction for issue of notice-Notice issued under old regime-Competent authority in terms of provision is Joint Commissioner-Notice issued obtaining approval of Principal Commissioner unsustainable-Notices and consequential orders quashed and set aside.[S. 144, 144B, 147, 148, Art. 226]

S. 149: Reassessment-Time limit for notice-Supreme Court decision binding: Six-year limitation period under unamended section 149(1)(b) expired on 31-3-2023-No reassessment notice may be issued for any assessment year prior to assessment year 2021-22 unless the period of limitation under the unamended Act survived-Notice barred by limitation and hence quashed.[S. 147, 148, 149(1)(b), TOLA, Art. 226]

S. 148A: Reassessment-Conducting inquiry, providing opportunity before issue of notice-After three years-Bar of limitation-Alleging deposits and certain transactions-No material to support information-Long-term capital gains-Share transactions as bogus-Reassessment proceedings initiated based on incorrect information in notice vitiated-Notices and orders quashed and set aside.[S. 147, 148A(b), 148A(d), 149(1), Art.226]