S. 147 : Reassessment – No addition was made on reasons recorded – Additions made on any other income which does not form part of reasons recorded cannot be sustained [S.2(22)(e ), 148 ]

S. 147 : Reassessment –With in four years-Change of opinion- Oversight ,inadvertence or mistake of Assessing Officer discovered on reconsideration of same material – Reassessment is not permissible . [ S.148, Art , 226 ]

S. 45: Capital gains- Advance received -Sale not materialised for gains – Matter remanded to the Assessing Officer for look in to genuineness of the Transaction . [ S.2(47) (v), Transfer of property Act , 1882 , S.53 ]

S. 45 : Capital gains – Valuation of shares – Sale consideration disclosed in the share purchase agreement ought to be adopted for calculating long term capital gains . [ S.48 , 50CA ]

S.45: Capital gains- Penny stock- Jump of share price of 1849.2 % The Assessing Officer has neither conducted any enquiry nor brought any clinching piece of evidence to disprove the evidence produced – Addition cannot be made as cash credits [ S.10(38) , 68 , 131, 133(6)]

S. 36(1)(vii) :Bad debt –Commodity trading – Purchase and sale on the platform of National Spot Exchange Ltd ( NSEL ) -Scam 2013- Profits offered as business income – Write off of 25% of the outstanding amount – Amounts written off in the books of account- Allowable as bad debt [ S.36(2) ]

S. 28(i): Business income – AIR information- Addition cannot be made solely on the basis of AIR information . [ S.145, From No .26AS ]

S. 14A : Disallowance of expenditure – Exempt income -Even suo motu disallowance made need to be restricted to the extent of exempt income [ R.8D ]

The Direct Tax Vivad se Vishwas Act, 2020

S. 9(a)) (ii)) : Act not to apply in certain cases – Tax arrear – Prosecution has been instituted on or before the date of filing of declaration- Wilful attempt to evade tax -Tax deduction at source – Prosecution – Q. 73 of CBDT Circular 21 of 2020 dated 4/12/2020 ( 2020) 429 ITR 1 (St ) would stand set aside and quashed. [ Art , 14, 226 ]