S. 69 : Unexplained investments–Unable to rebut a statement made against him and failure to explain the source- Statement could not be read in piecemeal depending on what part suits to the assessee and what part does not – Addition is held to be justified. [S. 131]

S. 68 : Cash credits–Advance received back -Source of money was sufficiently explained-Addition is held to be not justified.

S. 68 : Cash credits – Identity of the depositor, genuineness of the transaction- Onus discharged – Deletion of addition is held to be justified.

S. 68 : Cash credits – Amount received from various depositors – Necessary enquiry relating to identity and creditworthiness of depositors not done by AO.

S. 50C : Capital gains – Full value of consideration – Stamp valuation – Lease hold rights – Transfer of capital asset for a consideration – Provision is applicable – Order of Tribunal is affirmed . [S. 2(14), 45, 48]

S. 10B : Export Oriented undertakings – Entitle deduction in respect of ‘Deemed Export’ of goods made through a third party – The word ‘Export’ read with Exim Policy would certainly include ‘Deemed Export’ within the ambit of ‘Export Turnover’. [S. 10B(2), 10B(9A)]

S. 254(2) : Appellate Tribunal-Rectification of mistake apparent from the record – Exposed to the odium of forum shopping- Order of Appellate Tribunal is reversed and cost of Rs.1.5 lakh is imposed on the assessee. [ S.68, 154 ]

S. 147 : Reassessment-Bogus share capital-Intimation-The AO cannot reopen without establishing prima facie that assessee’s own money has been routed back in form of share capital. While he can rely on the report of the Investigation Wing, he has to carry out further examination and analysis in order to establish the nexus between the material and formation of belief that income has escaped assessment. In absence thereof, the assumption of jurisdiction u/s.147 has no legal basis and resultant reassessment proceedings deserve to be set-aside. [S.143(1), 148 ]

S. 147 : Reassessment-Share application money-Merely because AO examined the transactions does not preclude him from subsequent inquiry if additional material prime facie shows that disclosures made by assessee were not true. Requirement of true and full disclosure runs through the entire assessment and does not end on filing of return. Reasons have to read as a whole- Mere non recitation of allegation regarding failure of full & true disclosure does not invalidate the reasons or the fact that the reasons are based on allegations of lack of true and full particulars. [S. 148]

S. 92C : Transfer pricing–Loan to Associated Enterprices-SBI rate is a local rate and LIBOR is a foreign rate, therefore, LIBOR rate should be preferred as against SBI local rate of interest.