S. 147 : Reassessment-Client code modification-Report from Investigation wing–Unexplained Moneys-Bogus commodity trading-Assessee is able to establish that its own funds were utilized to conduct transactions on NSEL platform-Reopening is quashed. [S. 68, 69A, 148]

S. 147 : Reassessment-Share premium-shareholders of amalgamating company in pursuance of approved amalgamation scheme-Issue of share premium was duly examined by Assessing Officer in original assessment proceedings-Order of CIT(A), quashing of reassessment is affirmed. [S. 56(2)(viib), 148]

S. 147 : Reassessment-After the expiry of four years-Penny stock-Long term capital gains-Re assessment is bad in law.[S.68]

S.147: Reassessment-After the expiry of four years-Double Taxation Relief-Part relief allowed-No new or tangible material-Reassessment order is quashed-DTAA-India-UK [S.90, 148, Art. 24]

S. 145 : Method of accounting-Capital or Revenue-b Loss and gain on account of revaluation of outstanding dues payable to its overseas sister concern due to fluctuation in valuation of foreign exchange-Rule of consistency is followed.

S. 143(3): Assessment-limited scrutiny for examination of specific issue-Assessing Officer could not have ventured into a different issue without getting said limited scrutiny converted into complete scrutiny as per CBDT Circular No.20/2015 dated 29.12.2015. [S. 56 (2)(viib)]

S. 132B : Application of seized or requisitioned assets-Cash seized–Explanation 2 inserted below section 132B by Finance Act, 2013-Existing liability’ does not include ‘advanced tax’ payable-Cash seized during search could not be adjusted against advance tax liability-Cash seized-Offered as undisclosed income-Matter is remanded back to Assessing Officer for determining issue of adjustment of self-assessment tax liability.[S. 132, 140A].

S. 112 : Tax on long term capital gains-Determination of tax in certain cases-Income from other sources-Exemption not claimed-Purchase transaction in earlier year-Cannot be disturbed in subsequent year-Special rate of tax cannot be denied.[S. 10(38), 45, 56]

S. 90: Double taxation relief-Education cess-Tax rates as prescribed under DTAA would include education cess as well-Adjustment made is directed to be deleted-DTAA-India-USA. [S. 143(1), 154, Art. 2(1)b)(i)&(ii), 10, 11]

S. 89 : Relief for income-tax-Arrears or advance of salary-One time lumpsum ex-gratia amount in lieu of payments till completion of 63 years of age-Advance salary-Entitled to relief under section 89(1)[S. 17(3(i), 89(1), R. 21A]