S. 143(3) : Assessment-Estimate of sales-Only profit element can be considered as income-Matter remanded.

S. 143(3) : Assessment-Audit of accounts-Audited financial statements along with audit report was not filed-In the interest of substantial justice AO to make assessment after considering audited financial statement and audit report. [S. 44AB]

S. 143(2) : Assessment-Notice-Income returned in pursuance of notice issued u/s. 148 was accepted-Requirement of issue of notice u/s. 143(2) is not required-Assessment is valid. [S. 147, 148]

S. 139 : Return of income-Intimation under section 143(1)-Does not lapse right to file a revised return of income-Appeal is allowed. [S. 139(5), 143(1)]

S. 132(4) : Search and seizure-Statement on oath-Excess stock and cash-Not supported by documentary evidences-Cannot be sustained-Appeal allowed. [S. 131, 143(3)]

S. 132(4) : Search and seizure-Statement on oath-Opportunity to cross examine witness not given-Addition was deleted-Presumption as to assets, books of account-In whose possession in found-it is presumed it belongs to the person. [S. 292C]

S. 115JB : Book profit-Transfer pricing adjustment-Held to be not justified-Additional ground allowed. [S. 254(1)]

S. 115JB : Book profit-Provision for leave encashment-Actuarial basis-Ascertained liability-Provision for Wealth tax-Provision for bad debt-Written back-Not to be added to book profit.

S. 92C : Transfer pricing-Arm’s length price-Royalty fees for use of trade mark-Matter remanded.

S. 92C : Transfer pricing-Arm’s length price-No other method is applicable-TNMM has to be applied as most appropriate method-Deletion of addition is held to be justified.