S 147 :Reassessment-Strictures-Failure to produce reasons recorded and original assessment record-Record not traceable-Appeal dismissed-Cost of Rs.5000 levied on revenue [S. 148, 260A]

S. 147 : Reassessment-With in four years-Cash credits-Capital gains0 Book profit-Notice issued based on information in Insight Portal-Price manipulation in shares-Assessing Officer had no other specific information relating to assessee’s share transactions-Notice quashed.[S. 45, 68 115JB, 143(3), 147, 148, Art. 226]

S. 147 : Reassessment-With in four years-Change of opinion-Anonymous donations received in hundi-Donations received in form of ornaments not invested in prescribed form as mandated under section 11(5) of the Act-No new tangible material coming to possession of Assessing Officer after completion of scrutiny assessment-Notice and order rejecting assessee’s objections and subsequent proceedings quashed and set aside.[S.11(5), 12A, 13(1(d), 115BBC(1)(2)(b) 148, Art. 226]

S. 147 : Reassessment-After the expiry of four years-Depreciation on goodwill and additional depreciation-No failure to disclose material facts-Slump sale-Depreciation-Suspicion-Disclosure before settlement commission-Third party disclosure-Notice and order disposing the objection was quashed.[2(42C), 32, 32AC, 148 Art. 226]

S.147: Reassessment-After the expiry of four years-Change of opinion-Share premium-No tangible material-Reassessment notice and order disposing the objection was quashed. [S.68, 143(3), 148, Art. 226]

S 147 :Reassessment-Strictures-Failure to produce reasons recorded and original assessment record-Record not traceable-Appeal dismissed-Cost of Rs.5000 levied on revenue-SLP of revenue dismissed. [S. 148, Art. 136]

S.147: Reassessment-After the expiry of four years-Depreciation on goodwill and additional depreciation-No failure to disclose material facts-Slump sale-Depreciation-Suspicion-Disclosure before settlement commission-Third party disclosure-Notice and order disposing the objection was quashed by High Court-SLP of revenue dismissed.[2(42C), 32, 32AC, 148 Art.136]

S. 145 : Method of accounting-Trading in jewellery-Discrimination-Parliament power to prescribe accounting standards-Provision making it mandatory for assessees to adopt first-in-first-out or weighted average cost method for valuing stock and inventory-Provision applicable to all assessees-Not an unreasonable classification or arbitrary-Valid in law-Valuation of stock-Closing and opening stock to be valued by applying same method of valuation-Valuation of stock-Enhancement by revaluation of stock not real income in hands of assessee-Provision making it mandatory for assessees to adopt first-in-first-out or weighted average cost method for valuing stock and inventory with retrospective effect Amendment meant to give relief to assessees who regularly adopted first-in-first-out to value stock in assessment year 2017-2018 and to save returns from being declared incorrect or invalid-Not applicable to assessees who did not apply first-in-first-out to value opening and closing stock but followed last-in-first-out consistently and had filed returns before amendment Income-tax Act, 1961-Mercantile system of accounting and consistently valuing stock and inventory using last-in-first-out method-Department to either accept valuation of both opening and closing stock based on last-in-first-out method or permit assessee to value stock applying first-in-first-out or weighted average cost method. [S. 145A Art, 14, Art. 226, 145A Income Computation and Disclosure Standards (II), cl. 16.]

S. 144C : Reference to dispute resolution panel-Time limit-Mandatory-Assessment order made after expiry of time limit provided under section 144C(13)-Invalid [S. 144C(13),153, 260A] has to be held as invalid

S. 144C : Reference to dispute resolution panel-Assessing Officer must pass final assessment order within one month of receiving DRP directions, with no scope for extension or discretion-Order not valid.[S. 92C, 144C(13), 260A]