S. 263 : Commissioner-Revision of orders prejudicial to revenue-Lack of proper enquiry-Lease rent-Detailed enquiry was made in the course of assessment proceedings-All details were furnished-Order is not erroneous-Revision is quashed-Repairs and maintenance-freight forwarding, miscellaneous expenses and sales promotion-Revision is justified as regards to freight forward expenses. [S. 40A(2)(b), 142(1), 194I]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Lack of proper enquiry-Capital loss-Acquisition cost-Revision is up held-Bad debt-Revision is not valid-Depreciation of investment-Revision is valid-Bad debt-Provision for bad and doubtful debt-Revision is valid. [S.28(i) 36(1)(vii) 36(1)(viia), 45, 48, 70 143(3)]

S. 253 : Appellate Tribunal-Appeals-Suppression of production-Current year loss-Unabsorbed depreciation-Issue which does not arise out of the order of the CIT(A) cannot be raised before the Tribunal. [S. 154,254(1), 250, 263]

S. 206C : Collection at source-Scrap-Assessee in default-Sales of firewoods and iron materials-Provision of Section 206C(6A) is not applicable-Matter remanded for verification. [S.206C(6A) R.37J, Form No 27BA]

S. 153D : Assessment-Search-Approval-Recording of satisfaction-Satisfaction note does not specify the seized material-Non application of mind-Assessment order is bad in law.[S. 132, 153C]

S. 153A: Assessment-Search-Undisclosed income-Excess stock of jewellery found during search-Average cost price for valuation of stock-Difference in valuation of stock is deleted-Additional income disclosed cannot be assessed assessed at 60% as per provision of S. 115BBE of the Act. [S. 115BBE, 132,]

S. 153A: Assessment-Search-Wrongly initiated-Illegal search-Nexus is not established-Assessment is held to be bad in law.[S.132]

S. 147: Reassessment-Objection not disposed by the Assessing Officer-Reassessment is bad in law-Power of enhancement with the CIT(A) cannot cure the defects of non disposal of objection by the Assessing Officer. [S. 148, 251]

S. 145 : Method of accounting-No defects in the books of account-Estimation of income at 10% of the gross contract receipt is affirmed.[S.145(3)]

S. 143(3): Assessment-Rejection of books of account-Bogus purchases-Estimate of profit-Business of purchase, sale, manufacturing and trading of gold jewellery and diamonds-Declared profit of 11.98 percent-Rejection of books of account and estimate of 25% of alleged bogus purchases is deleted.[S. 145(3)]