S. 143(3) : Assessment-Principle of natural justice-Scrutiny Assessment-Issuance of show-cause notice prior to finalisation of order of assessment is mandatory-Orders were treated as show cause notice-Directed to file replies within a period of six weeks. [S. 142(1), 143(2), 143(3), Art. 226]

S. 132B : Application of seized or requisitioned assets-Seizure of cash-Delay in release of cash beyond period laid down in Section-Interest payable for such delay till date of payment. [S. 132B(4)(b),153A, Art. 226]

S. 132B : Application of seized or requisitioned assets-Cash stolen-Cash deposited in Court of Judicial Magistrate-Income tax proceedings pending-Cash could not be returned to assessee. [S. 131, 131(IA), 132, Art. 226]

S. 132B : Application of seized or requisitioned assets-Retention of seized assets-Retention of seized asset beyond time laid down-Not valid-Directed to hand over the seized asset (diamonds) to the assessee within a period of four weeks from the date of receipt of the order. [S. 132, Art, 226]

S. 132(8) : Search and seizure-Retention of the books of account and other documents-Beyond thirty days after proceedings are completed-Obligation to communicate decision to assessee-Proceedings under Act does not extend to appeal by Special Leave to Supreme Court. [S. 153A, 158BC, Art, 136, 226]

S. 113 : Tax-Block assessment-Search cases-Levy of Surcharge-Amendment by Finance Act, 2002-Amendment not retrospective-Search proceedings initiated in November 1995-Surcharge not Leviable. [S. 132, 245D, Art, 226]

S. 92CA : Reference to transfer pricing officer-Limitation-60 days-General Clauses Act-Order barred by limitation-Writ is maintainable. [S. 92B, 92CA(3), General Clauses Act, 1897, S.9, Art, 226]

S. 92C : Transfer pricing-Arm’s length price-Exclusion of comparables-Order of Tribunal affirmed. [S. 260A]

S. 44 : Insurance business-Life Insurance business-Income to be computed under Rule 2 To First Schedule-Loss from pension fund can be set off and also carried forward. [S. 10(23AAB), 10A, 115B]

S. 43(5) : Speculative transaction-Derivatives-Amendment not retrospective-Entitled to set off of loss incurred in transactions of derivatives against business-As amended by Finance Act, 2005 With Effect From 1-4-2006 [S. 28(1), 43(5)(d), 70, 73]