S. 158BB : Block assessment-Tribunal deleting the addition is held to be not valid-Order of Tribunal not based on facts-Order perverse and gives rise to substantial question of law. [S. 132, 158BH, 260A]

S. 147 : Reassessment-Failure to disclose material facts-Writ is held to be not maintainable. [S. 148 , Art . 226]

S. 147 : Reassessment-Subsequent information from documents impounded during survey of cash transactions- Reassessment proceedings valid. [S. 133A ,148 Art. 226]

S. 147 : Reassessment-Information from investigation wing-HSBC Bank located in Switzerland-Procedural irregularities-Cannot be raised first time before High Court. [S. 143(2), 148 , 260A, 292BB]

S. 147 : Reassessment-With in four years-Valuation report-Non-application of mind by Authorities-Orders quashed and set aside. [S. 142A, 143(3), 148, 264, Art. 226]

S. 147 : Reassessment-After the expiry of four years-No failure to disclose material facts-Royalty payment – Reassessment is not valid. [S. 92CA, 147]

S. 145 : Method of accounting-Change in method of accounting- Proportionate completion method-Burden is on revenue to prove that change was with intent to defraud revenue-Insurance business-Third party administration services-Not insurance business. [Insurance Act, 1938, 2(9)]

S. 145 : Method of accounting-Valuation of closing stock-Undervaluation-Deletion of addition is held to be justified.

S. 143(3) : Assessment-Capital gains-Observation by Tribunal in quantum appeal that capital gains arose in the year ending in December 1993-Admitted tax-The assessee could not approbate and reprobate that what is not paid on the due date cannot be assessed at all. The claim for refund of tax paid on the admitted income was not sustainable. [S. 2(47), 45(5)(b), Transfer of Property Act, 1882, S. 53A]

S. 143(3) : Assessment-Income from undisclosed sources-Bogus purchases-Assessing Officer disallowing entire purchases-Estimation of profit element embedded in purchases at 17.5 Per Cent. affirmed by Tribunal-Order of Tribunal is affirmed. [S. 69C]