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]

S. 127 : Power to transfer cases-search and seizure-Transfer was for co-ordinated investigation and assessment proceedings-High Court held that order of transfer is held to be justified-SLP dismissed. [S. 127(2), 132, Art.136]

S. 127 : Power to transfer cases-Centralisation of assessment-Suspicious cash transactions-Transfer from one jurisdiction to another-Assessee not disputing transactions-Order of transfer upheld.[S. 124, 127(2)(a), Art.226]

S. 127 : Power to transfer cases-search and seizure-Transfer was for co-ordinated investigation and assessment proceedings-Order of transfer is held to be justified.[S.. 127(2), 132, Art. 226]

S. 119 : Central Board of Direct Taxes-Circular-Delay in filing of return-Financial crises-Delay can not be condoned for assesses negligence in filing the return on time-Order rejecting the application was affirmed. [S.80AC, 119 (2), 139, Art. 226]

S. 119 : Central Board of Direct Taxes-Circular-Condonation of delay-Application filed wrongly under form 10BB instead of form 10B-Authority ought to have condoned delay instead of dismissing form 10B on anvil of limitation Order set aside and delay condoned Authority directed to consider form 10B under section 119(2)(b) on merits. [S.119(2)(b),Form No 10B, 10BB, Art. 226]