S. 153A : Assessment-Search-No incriminating material is found-Proceedings is held to be invalid-No failure to disclose material facts-Reassessment proceedings in valid-Books of account not rejected-Addition on account of alleged increase in margin is deleted. [S.28(i), 145-148-148]

S. 147 : Reassessment-Validity-Estimate of value of assets by Valuation Officer-Transfer of Development Rights-Valuation referred to Valuation Cell-Subject matter of appeal-Limitation–Order of reassessment passed on ground time-limit would expire without waiting for Report-incorrect-Order is bad in law. [S. 142A(7)-143(3), 148, 153]

S. 147 : Reassessment-Reassessment-Treating loss and gains from Marked-To-Market instruments by different methods-Non application of mind-Reassessment is valid-Commissioner (Appeals) not discussing facts properly without discussing on facts-Matter remanded to the Assessing to consider issue De Novo in accordance with law. [S. 10AA-148]

S. 147 : Reassessment-After the expiry of four years-No failure to disclose material facts-Audit objection-Reassessment is bad in law-Delay of 230 days is condoned. [S. 143(3), 254(1)]

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Comparables-Matter remitted with direction to consider quarterly results and work out proportionate profit margin of company.

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Comparables-Turnover filter-Turnover filter up to ten times can be applied-Matter restored to the file of Assessing Officer. [S.92B]

S. 92B : Transfer pricing-International transaction-Arm’s length price-Avoidance of tax-Advertisement, marketing and promotion expenses-Burden is on revenue. [S.92CA(3)]

S. 68 : Cash credits-Income from undisclosed sources-Cash deposits in Bank Account-Withdrawal from one account and deposited in another bank account-Addition is not justified-Payment in cash of stamp duty for purchase of property-Addition is not justified.

S. 68 : Cash credits-Bogus purchases-Providing accommodation entries by way of circular transactions of bogus purchases and sales-Addition cannot be made as cash credits-Only commission income can be assessed as income.

S. 50C : Capital gains-Full value of consideration-Stamp valuation Sale of property within three and half months of purchase-Assessing Officer ought to have referred valuation to District Valuation Officer-Order set aside and issue remanded with the direction to call valuation report. [S. 45-48(1), 50C(2)