S.271(1)(c): Penalty -Concealment -Search – There was no addition to the declared income in any of the years- Deletion of penalty is held to be justified [ S.132 , 153C ]

S. 263 : Commissioner – Revision of orders prejudicial to revenue – Commissioner could not take cognizance of an issue which had already attained finality in regular assessment- Where no enquiry was made to as regards gift , revision is held to be valid . [ S.56(2), 147 ].

S. 263 : Commissioner – Revision of orders prejudicial to revenue – Limited scrutiny – AO is bound to make prima facie enquiry – Revision is held to be valid – Capital or revenue – On merit foreign exchange loss for acquiring capital asset is held to be allowable as revenue expenditure [ S. 43 (1), 143(1) ]

S.260A : Appeal to High Court – Limitation – Delay of 318 days -No reasonable explanation for delay – Delay was not condoned.

S. 194C : Deduction at source – Contractors -Placement fees/carriage fees – work contract and not fees for technical service [ S.194J ]

S.147: Reassessment – Subject matter of appeal- Merger – Bad debt – Matters which are subject matter of appeal, reference or revision cannot be reopened [ S. 36(1)(vii) ,37(1) , 148, 251 ]

S.147: Reassessment -Failure to file return- Huge loss – National and multi commodity exchange – Objections stating that no income was earned and suffered heavy loss not considered – Reassessment is held to be bad in law.[S.139, 148 Art. 226]

S.147: Reassessment-After the expiry of four years- In absence of any failure on part of assessee to disclose fully and truly all material facts at time of assessment- Reassessment proceedings is held to be bad in law . [ S.80IA , 148 ]

S.147: Reassessment – After the expiry of four years – Change of opinion- Interest income on fixed deposit assessed as business income – Re assessment on the ground that it has to be assessed as income from other sources. [S.56, 148, Art.226]

S. 115JB: Book profit – Provision for bad and doubtful debt – Ascertained liability – No addition can be made.