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]

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]