S. 153C : Assessment – Income of any other person – Search- Cash receipts- No payments were made in relevant assessment year- , impugned addition made in assessment year- Deletion of addition is held to be justified . [ S.69A ]

S. 147 :Reassessment -Salaries paid to employees – Reconciliation statement was filed – Reassessment proceedings was quashed .[ S.37(1), 148 ]

S.147: Reassessment-After the expiry of four years- Capital gains- No failure on the part of assessee to disclose truly and fairly material facts – Reassessment is held to be bad in law . [ S.50C 54B , 148 ]

S. 115JB : Book profit – Provision for diminution in value of investment- Written off in the books – Addition cannot be made to book profit . [ S. 115JB(2)(i), Accounting Standard (AS) 13 ]

S. 92C:Transfer pricing – Arm’s length price – Commission – commission paid to Associated Enterprise at rate of 7.84 per cent as against 11 per cent paid to unrelated party was at ALP- Deletion of addition is held to be valid .

S.45: Capital gains- Revaluation of capital asset and crediting to partners current account and treating it as loan from partners – Amounted to violation of clauses (a) and (c) of proviso to S. 47(xiii)Transaction amounted to transfer of a capital asset – liability to pay tax on such capital gain would fall not on assessee-firm but on successor company. [ S. 47 (xiii) (a) , 47 (xiii) (b) , 47A ]

S. 37(1):Business expenditure -Contribution to recognized provident fund -Payment of pension to retired employees which had been duly approved and notified by Central Government under ‘Tuticorin’ Port Trust Employees Regulations, 1979, said payment being in terms pf statutory regulation, would fall within general deductions under S. 37(i) and, same could not be brought under S. 36(1)(iv) and (v) of the Act .[ S 36(1)(iv) 36(1) (v) ]

The Prevention of Money Laundering Act, 2002

S. 50(2): Summons- Summons cannot be quashed in Writ proceedings — [ S. 3, 50(3) , Art . 20 ,226 ]

S. 271AAA : Penalty – Search initiated on or after 1st June, 2007 – Notice issued u/s 271AAA and subsequent corrigendum issued stating that notice was u/s 271AAB – Notice and subsequent levy of penalty is held to be valid .[ S. 132 ,271AAB ]

S. 271(1)(c) : Penalty – Concealment – Quantum became final – Jewellery disclosed in the course of search – Matter remanded to the Tribunal to give an opportunity of reconciling quantum of jewellery [ S.132 , 254(1) ]