S. 148 : Reassessment – Notice – Constitutional validity – The delegation authorized being only for the purpose of enlarging limitation under a valid law, such delegation could not be exercised to resurrect the provision of law that stood omitted from the statute book by virtue of its substitution made by the Finance Act, 2021, w.e.f. 01.04.2021.- Interpretation of Taxing Statutes — Legislative Substitution- Interpretation of Taxing Statutes — Legislative Substitution- Cassus omisus cannot be supplied, either by the delegated legislation or by Courts – The Enabling Act only extended the limitation up to 31.03.2021 to do certain things only. Thereafter, it delegated the power to cause such further extensions to do those things beyond the date 31.12.2020, upto 30.06.2021 – delegate to do colourably, that which it cannot directly do after the Parliament enforced Sections 2 to 88 of the Finance Act 2021, w.e.f. 01.04.2021. once the principal legislation enacted the law as has been done in the present case, its delegate was denuded of its powers, in the field occupied by the principal legislature- Reassessment notices issued under section 148 of the Act are quashed . [ S. 147, 148A, 149, 151 , 151A , 153,292 Relaxation of Certain Provisions) Act, 2020 , S.3(1) of the Act 38 of 2020, Art , 226 ]

S. 147 : Reassessment – After the expiry of four years – No failure to disclose material facts –Interest income – Deduction – Change of opinion –No power of review – Reassessment is held to be bad in law [ S. 37 (1), 56, 57, 148 , Art , 226 ]

S.68: Cash credits – Share application money – Shell company – The DCF method adopted is incorrect and fallacious- the two investing companies held to fit the description of a shell company- The burden is on the assessee to prove the identity, capacity and genuineness and nature and source of credits in his books of accounts, to the satisfaction of the Assessing Officer even if confirmations are filed and the persons are assessed to tax- Theory of human probability applied – Addition as cash credits is held to be justified on the facts of the case – Reassessment is held to be justified . [ S. 133(6), 143(3) , 147, 148, Rule 27 ITAT Rules ,1963 ] S.68: Cash credits – Share application money – Shell company – The DCF method adopted is incorrect and fallacious- the two investing companies held to fit the description of a shell company- The burden is on the assessee to prove the identity, capacity and genuineness and nature and source of credits in his books of accounts, to the satisfaction of the Assessing Officer even if confirmations are filed and the persons are assessed to tax- Theory of human probability applied – Addition as cash credits is held to be justified on the facts of the case – Reassessment is held to be justified . [ S. 133(6), 143(3) , 147, 148, Rule 27 ITAT Rules ,1963 ]

Interpretation of taxing statues – Principle of Resjudicata does not apply to income tax proceedings – In the absence of any change in the circumstances revenue could not reopen the question which had been decided upon in the earlier years .

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Show cause notice-Writ against the show cause was dismissed. [Art. 226]

S. 260A : Appeal-High Court-Tax effect is more than Rs.1 crore-Appeal restored.

S. 254 (1) : Appellate Tribunal-Duties-Ex-parte order-Order passed without considering the application for an adjournment filed by the son and without application of mind-Order of Tribunal set aside and remanded back for fresh consideration. [S. 143(3)]

S. 251 : Appeal-Commissioner (Appeals)-Powers-New claim-Can be made before the Appellate Authority though neither claimed in the original return nor filed the revised return. [S. 139]

S. 245R : Advance rulings-Capital gains on transfer of LLP interest in an Indian LLP-DTAA-India-Netherlands-Application admitted. [S. 245R(ii), Art. 13]

S. 245D : Settlement Commission-Failure to produce the material-Rejection of application is held to be valid. [S. 245D(4), Art. 226]