S. 151 : Reassessment – Sanction for issue of notice – Mechanical grant of approval – Failure to issue notice under section 143(2) — Reassessment Not Valid [ S. 68, 143(2), 147 , 148 ]

S. 147 : Reassessment – Passing of reassessment order within four weeks of disposing of objections of assessee to reopening — Not sustainable — Order quashed – Two views possible, then the view in favour of the assessee shall have to be followed for deciding the matter in dispute [ S.148 ]

S. 147 : Reassessment – Basis of information that assessee deposited cash in bank and earned commission — Recording wrong and incorrect facts – Reassessment is bad in law [ S.148 ]

S. 147 : Reassessment – Accommodation entries – Information from Investigation Wing- Reassessment is bad in law [ S.68 ,69, 148 ]

S.147: Reassessment — Accommodation entries- Failure to dispose objection – Failure to apply mind – Reassessment is bad in law [ S.68 , 148 ]

S.147: Reassessment- After the expiry of four years- Assessment cannot be reopened on basis of statement of unrelated party — No opportunity of cross-examination given- Reassessment is bad in law – Loan received by cheque and repaid by cheque- Addition can not be made on the basis of seized document [ S.68, 132(4A), 148, 292C ]

S.147: Reassessment- After the expiry of four years- No failure to disclose material facts – Change of opinion – Reassessment quashed [ S. 143 (3), 148 ]

S. 144C : Reference to dispute resolution panel -Draft assessment order — Limitation period – Where assessee files objections before Dispute Resolution Panel within prescribed time Assessing Officer bound to wait for directions of Dispute Resolution Panel -Final order without waiting for directions of panel — Assessment order without jurisdiction [ S.143 (3) ]

S.143(3): Assessment — Limited scrutiny — After approval from Principal Commissioner converted in to full scrutiny -Violation of instruction of Board – Addition of loan – Produced loan confirmation Held to be not sustainable [ S. 68 . 142 (1) ]

S. 92C : Transfer pricing – Arm’s length price – Transactional Net Margin Method —Matter remanded to transfer pricing officer to consider fresh search of comparables. [ S.92C(3) ]