S. 144C : Reference to dispute resolution panel-Faceless assessment-Limitation-Draft assessment order-Reference To Objections to Dispute Resolution Panel-Directions From Dispute Resolution Panel-Failure to follow procedure is not merely procedural irregularity but illegality-Final order passed two years after receipt of directions from Dispute Resolution Panel-Assessment order time-barred-Original return of income to be accepted-Direction to refund excess of legitimate tax.- Court directed the Revenue to take strict action against persons responsible for the laxity and lethargy displayed by which caused a huge loss to the exchequer and in turn to the citizens of this country – Copy of the order is forwarded to CBDT, Principal Secretary , Ministry of Finance , Government of India . [S. 144C(1) 144C(2)(b), 144C(5), 144C(10), 144C(13), Art. 226]

S. 144C : Reference to dispute resolution panel-Assessment-Limitation-Directions issued by Dispute Resolution Panel binding on Assessing Officer-Final order to be passed in conformity with directions within one month-Order is barred by limitation.[S. 143(3), 144C (13)]

S. 143(3) : Assessment-Valuation Of Closing Stock-Arithmetical error in quantitative analysis of consumption of finished leather-Order of Tribunal is set aside. [S. 254(1)]

S. 143(3) : Assessment-Failure to give reasonable time to reply-Violation of principle of natural justice-Order and notice of demand is set side. [S. 142(1), 144, Art. 226]

S. 139 : Return of income-Private discretionary trust-Status of individual-Central Board of Direct Taxes has authority to Prescribe proper form-Court cannot direct Board. [R. 112, Art. 226]

S. 132B : Application of seized or requisitioned assets- Search and seizure-Adjustment of cash seized from third person Application for such adjustment is mandatory.[S. 132, Art. 226]

S. 132 : Search and seizure-Reason to believe-Adequacy of reasons not within scope of judicial review-Writ petition dismissed. [S. 69, 131, 132(1)(bb), 133A]

S. 115JB : Company-Book profit-Set-off of Loss or unabsorbed depreciation-Entitled to claim set off.

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Specified domestic transaction-Resale price method-Matter remanded to Transfer Pricing Officer for fresh determination of Arm’s Length Price. [S.92CA(3)]

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Specified domestic transaction-Advertising, marketing and promotion expenditure-Principle of consistency applies-Order of Tribunal is affirmed. [S. 92]