S. 263 : Commissioner-Revision of orders prejudicial to revenue-Investment in new pant or machinery-Possible view-When an amendment is made to clarify or remove the hardship, the same is to be treated as clarificatory and it should be applied with retrospective effect-Revision is held to be not valid. [S. 32AC, 143(3)]

S. 154 : Rectification of mistake-Expenditure-Allowance-Loss of current year can be set off against income declared u/s 115BBD-Tax on certain dividends received from foreign companies-Debatable cannot be rectified. [S. 115BBD, 143(1)]

S. 147 : Reassessment-Recorded reasons not provided-Reassessment is bad in law. [S. 148]

S. 147 : Reassessment-With in four years-AIR Information-Cash credits-Cash deposit in the bank-Assessing Officer failed to make reasonable enquiry-Reassessment was quashed. [S. 44AE, 68, 148]

S. 145 : Method of accounting-Accrual of income-Real income theory-Interest income-Realisation becomes impossible-Income cannot be assessed on hypothetical basis. [S. 4, 5]

S. 143(3) : Assessment-Order passed in the name of a deceased person is invalid and sustainable in the eyes of law. [ITAT R. 27]

S. 115JB : Book profit-Capital receipt-A particular receipt cannot be assessed as book profit merely on the ground that the assessee has offered it in the return of income. [S. 2(24),4]

S. 115BBE : Tax on specified income-Survey-Builder-Housing project-On money-Income offered-Assessed as deemed income-Professional fees paid was allowed as deduction. [S. 68, 37(1)]

S. 69A : Unexplained money-Alleged on-money-Power of attorney holder-Addition cannot be made in the assessment of power of attorney holder. [S. 143(3)]

S. 68 : Cash credits-Statement of Mr Praveen Kumar Jain which was retracted-Addition cannot be made on presumptions that the assessee has routed its own cash in the form of unsecured loans. [S. 132]