S. 147 : Reassessment-Cash credits-Share application money-Huge premium-Genuineness of transaction or creditworthiness of individual providing money were apparently not established–Issue of reassessment notice is held to be justified.[S. 68, 148]

S. 147 : Reassessment–After the expiry of four years-Book profit-Subsidy received by assessee from Government was directly credited to capital reserve account-Sufficient disclosure of facts– Reassessment is held to be bad in law.[S. 115JB, 148]

S. 147 : Reassessment-After the expiry of four years- Penny stock – Shares-No failure to disclose all material facts- Merely on basis of information received from Investigation Wing without conducting any independent enquiries. [S. 69A, 148]

S. 147 : Reassessment-After the expiry of four years- Prior period expenses – Disclosed all material facts necessary for assessment-Initiation of reassessment proceedings merely on basis of change of opinion is not justified.[S. 37(1), 148]

S. 143(3) : Assessment–Alternative remedy-Writ against the assessment order is not valid since the assessee had an alternative remedy before Appellate Authority. [S. 246A, Art. 226]

S. 132 : Search and seizure-Validity–Initiation of search proceedings was not based upon any information or other material- Authorisation is held to be invalid and quashed. [Art. 226]

S. 115B : Life Insurance business–Surplus available in shareholder’s account was not to be taxed separately as income from other sources and same was to be taxed at normal corporate rate as specified under section 115JB of the Act. [S. 56]

S. 80IC : Special category states–Substantial expansion- Entitle to exemption.

S. 80IC : Special category states–Book profit– Legislative powers-Constitutional validity –Discrimination between individual and company-There was a reasonable classification by way of special provision for companies–Provision is held to be valid.[S. 115JB, Art, 14, 226]

S. 80IA : Industrial undertakings–Manufacture-Converting herbs into a certain herbal product by manual process-Purchase of plant and machinery and consumption of electricity are not mandatory requirements-Entitle to deduction.