S. 80AC : Return to be furnished – Housing projects- Fling of return of income u/s 139(1) is mandatory for claiming the deduction u/s 80IB (10) -Not eligible to claim the deduction . [ S.80IB(10),139(1) ]

S. 147 : Reassessment – Sale of agricultural land – Book profit-Erroneous application of law – Mechanical application of mind- Reassessment is held to be not valid .[ S. 2(14(iii) , 115JB ,148, 151, 263 ]

S. 147 : Reassessment – After the expiry of four years- Tangible material is required – Live link with such material for formation of the belief- Reason must specify as to what is the nature of default or failure on the part of the assessee- Reassessment notice is quashed . [ S. 40(a)(ia),148 , 194, 194I , Art .226 ]

S. 69C : Unexplained expenditure – Bogus purchases- Business of Civil Contactor – Even if the purchases made by the assessee are to be treated as bogus, it does not mean that entire amount can be disallowed- As the AO did not dispute the consumption of the raw materials and completion of work, only a percentage of net profit on total turnover can be estimated. [ S. 37(1), 68 ]

S.56: Income from other sources – Share premium- Approved valuer report was furnished – Addition is held to be not valid . [ S. 56(2)(viib), R, 11UA ]

S.54F : Capital gains- Investment in a residential house – The words “in India” cannot be read into section 54F when Parliament in its legislative wisdom has deliberately not used the words. The assessee is entitled to exemption of the Act though he has acquired house property in a foreign country- The amendment to s. 54F by the Finance Act, 2014 w.e.f. 2015 is applicable only prospectively [ S.45 ]

S.45 : Capital gains- Family arrangements- If there is no preexisting right, the family arrangement constitutes a transfer- Merely because dispute involved some family members and such dispute is ultimately settled by filing consent terms, the same cannot be styled as a family arrangement or family settlement so as to hold that the consideration received as a result of such settlement, does not constitute capital gain- Reassessment is also held to be valid . [ S.45,147, 148 , 149 ,151, 163 ]

S. 28(i) : Business loss – Diminution in value of shares- loss claimed by assessee by devaluing book value of shares purchased by them, could not be allowed as business loss . [ S.37 (1) ]

S.147: Reassessment – Change of opinion – Housing project – Produced full accounts and provided full details including built-up area of flats sold-Reopening of assessment on basis of same material would be mere change of opinion and hence not permissible. [ S.80IB(10) 148 , Art .226 ]

S. 254(2A): Appellate Tribunal –Stay- Deposited 71 per cent of tax demand raised in reassessment proceedings- Tribunal is not justrified in rejecting the stay – Balance amount of tax and interest was to be stayed till disposal of assessee appeal. [ S.226, 254(1) ]