S.147: Reassessment – After the expiry of four years- Limitation — Family settlement – Notice for assessment year 1999-2000 Notice issued to Power of Attorney holder within six Years —Held not barred by limitation -Reassessment is held to be valid – Dispute settled and consent decree passed – No family settlement – Consideration is held to be taxable as capital gains .[ S.45 ,148,163 ]

S. 263 : Commissioner-Revision of orders prejudicial to revenue– Bad debt-Provision for bad debt in books and debit to profit and loss account–Entitle to deduction-Revision is held to be not valid. [S. 36(1)(vii), 36(2)(v)]

S. 254(2) : Appellate Tribunal-Rectification of mistake apparent from the record–Failure to consider an argument advanced by either party to arrive conclusion is not an error apparent on record though it may be error of judgement. [S. 144]

S. 201 : Deduction at source-Failure to deduct or pay–Non–residents-Limitation period prescribed in sub-section (3) of section 201 would be equally applicable in respect of non-residents-Order held to be in valid.[S. 40(a)(ia), 195, 201(3)]

S. 147 : Reassessment–Notice–Assessment order passed without issue of mandatory notice u/s.143(2) of the Act is bad in law. [S.143(2), 148, 292B].

S. 80P : Co-operative societies–Supply of milk to mother diary– Deduction u/s.80P(2)(b) is allowable-Interest earned by it from deposits made with nationalised/private banks, however, said benefit was available in respect of interest earned on deposits made with co-operative bank. [S. 80P(2)(b), 80P(2)(d)]

S. 73 : Losses in speculation business–AO cannot compare funds deployed in shares held as investment as against funds deployed of loans and advances-loss incurred by it in share transactions was assessable as business loss which could be set off against its business income. [S. 28(i)]

S. 68 : Cash credits-Shares at premium-Confirmation is filed and source is explained–addition as cash credits is held to be not justified. [S. 133(6)]

S. 54 : Capital gains-Profit on sale of property used for residence– Investment with in specified time is eligible for exemption-law does not require that the assessee must investment same money in specified asset.[S. 45]

S. 45 : Capital gains-Transfer- Year of taxability-Sale deed was executed on 31-03 2009–Full payment of sale consideration was received–Registration was done on 1-04-2009-Capital gain tax is chargeable in assessment year 2009-10 and not in 2010-11. [S. 2(47)(v), 45, 147, Registration Act, S.47, Transfer of property Act, 1982, S.53A]