S. 144B : Faceless Assessment-Method of accounting-Principle of natural justice-Not granted virtual hearing-Additions were made 50 times more to income proposed in show cause notice-Order was quashed and set aside. [S. 36(1)(iii), 68, 69A, 145, Art. 226]

S. 143(3) : Assessment-Life insurance premium-Personal hearing-Failure to attend various notices-Writ against the assessment order is dismissed. [S. 80C, 80TT, 142(1), 143(2), Art. 226]

S. 69A : Unexplained money-Amounts of investments not fully disclosed in books of account-Unexplained expenditure-Survey-Purchase of goods no explanation was furnished-Excess stock was found-Mahajani Khata-Order of Tribunal confirming the addition is affirmed. [S. 69B, 69C, 133A, 145]

S. 69 : Unexplained investments-Search-Reference to DVO-DDIT (Inv)-DDIT did not have power to make reference to DVO-Power was acquired only on 1-4-2017 by virtue of Finance Act, 2017 under section 132(9B)-Order of Tribunal deleting the addition was affirmed. [S. 132, 132(9B)]

S. 68 : Cash credits-Failure to produce the farmers from whom the loan was taken-Direction of the Tribunal is not complied with-Order of Tribunal confirming the addition is affirmed. [S. 254((1), 260A]

S. 68 : Cash credits-Share capital-Statement during search-Statement was retracted-Order of Tribunal deleting the addition was affirmed. [S. 132(4), 260A]

S. 68 : Cash credits-Loan for purchase of land-Explained the source-Remand report was obtained-Order of Tribunal deleting the addition is affirmed. [S. 133A, 260A]

S. 68 : Cash credits-Sale of shares-Capital gains-Penny stock-Finding of investigation wing-Exemption-Sham transaction-transactions were done through recognized stock exchange-There was no evidence that assessee had paid cash in return of receipt through cheque-Order of Tribunal deleting the addition was affirmed. [S. 10(38), 45, 69C]

S. 45 : Capital gains-Memorandum of understanding dated 16-6-2007 agreeing to sell their shares-Substantial consideration was received-Share certificates were not delivered to transferees-Transfer of shares shall take place only after registration by Registrar of company-Order of Tribunal deleting the addition was affirmed. [Companies Act, 1956, S. 29]

S. 44AD : Presumptive basis-Civil construction-Best judgement-Books of account not audited-Estimation at 4% is held to be justified. [S. 44AB, 144]