S. 151 : Reassessment – Sanction for issue of notice –Joint Commissioner of Income tax -Reopening of assessment with the approval of Commissioner is held to be not valid [ S.147, 148 , 151(2) ]

S. 5 : Scope of total income -Accrual- Year of taxability -Income accrues only when it becomes due – When the other party accepts the liability to pay the amount .[ S.4, 145 ]

S. 68 : Cash credits – Share application money and share premium- Identity , genuineness of transaction, creditworthiness is proved – Deletion of addition is held to be justified .

S. 271(1)(c) : Penalty – Concealment – Disallowance of expenditure – Deletion of penalty is held to be valid .

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 ]