S. 153A : Assessment-Search or requisition-No incriminating material was found-Issue of shares to Foreign entities-Addition cannot be made as cash credits-Binding precedent-Decisions of the non-jurisdictional High Court are followed by the lower authorities, only in the absence of benefit of guidance by the jurisdictional High Court on that issue.[S. 68]

S. 153A : Assessment-Search or requisition-Assessments not abating on date of search-No incriminating material-Addition cannot be made-Loss on sale of investments-Matter remanded. [S. 73]

S. 153A : Assessment-Search or requisition-Unexplained Income-Cash deposited in the bank account during demonetization-Cash sales and realization of trade debtors-Recorded in books of accounts-No adverse comments by investigation department-No inflated purchases or suppressed sales-Additions not tenable. [S. 69A]

S. 153A : Assessment-Search or requisition-Undisclosed Income-Bogus Purchases from Hawala or Bogus dealers-Assessee not in possession of evidences/bills-Average ratio of bogus purchase to turnover 1%-Bogus purchase estimation on that basis-Additions justified.[S. 132]

S. 153 : Assessment-Reassessment-Limitation-Order was passed beyond the period of nine months-Order is bad in law.[S. 147, 148, 153(2)]

S. 153 : Assessment-Limitation-Threshold monetary limit of Rs. 5 crores not available to characterise transactions with associated enterprises as specified domestic transactions-Order is nullity and barred by limitation. [S. 92BA, 92CA(3)]

S. 153 : Assessment-Reassessment-Limitation-Ante-dated order-Direction of Addl. CIT-AO in April, 2015 and signed by pre-dating it as 30th March, 2015-Assessment order was time barred and quashed. [S. 147, 148, 153(2)]

S. 151 : Reassessment-Sanction for issue of notice-After the expiry of four years-Sanction of Prescribed Authority-Failure by Assessing Officer to obtain approval of prescribed authority Qua “Reasons to believe”–Reassessment Invalid-Assessment is liable to be quashed. [S. 147 148]

S. 151 : Reassessment-Sanction for issue of notice-After the expiry of four years-Valid sanction-Sanction received from JCIT instead of PCIT/CCIT/CIT-Law in force on the date of issue of notice is applicable-Reassessment notice is valid-Source of deposit not substantiated-Addition as cash credit affirmed. [S. 68, 148, 151(2)]

S. 148 : Reassessment-Notice-Improper manner of service of notice and non service of notice to the relevant database address of the assessee-Order was quashed. [S. 144, 282, 292BB, Order V, rule 17 of the Code of Civil Procedure, 1908]