S. 147 : Reassessment-Recorded reasons-Sanction-Reasons placed for consideration before Joint Commissioner to seek approval-Reasons submitted for approval as appropriate reasons for reopening is contrary-Reassessment order is set aside and quashed.[S. 148, 151, Art. 226]

S.147: Reassessment-After the expiry of four years-Change of opinion-Fixed deposit interest-No failure to disclose material facts-Reassessment notice and order disposing the objection is

S. 147 : Reassessment-After the expiry of four years-Additional depreciation-No failure to disclose material facts-Order of Tribunal quashing the reassessment order is affirmed. [S.32, 148, 260A]

S. 87A : Rebate to be allowed in computing income-tax-The assessee could not be restrained from claiming rebate under section 87A by modifying utility by which assessee was forbidden at threshold itself from making such a claim. [S.115BAC, 139D, Rule 12, Art. 226]

S. 68 : Cash credits-Long term capital gains-Penny stock-Order of Tribunal allowing the exemption is affirmed.[S. 10(38), 45, 260A]

S. 68 : Cash credits-Established source and capacity of the parties-Order of Tribunal is affirmed.[S.260A]

S. 68 : Cash credits-Share capital and share premium — Creditworthiness and genuineness is established-Subscribers complied with the notices issued u/s 133(6) of the Act. [S.133(6), 260A]

S. 68 : Cash credits-Share application-Accommodation entries-Identity, creditworthiness and genuineness of transactions are established-Order of Tribunal deleting the addition is affirmed-Statement is retracted-Order of Tribunal is affirmed [S. 132(4), 260A]

S. 40A(3) :Expenses or payments not deductible-Cash payments exceeding prescribed limits-No credible document produced to show why payment had to be made on bank holiday-Order of Tribunal is affirmed. [R.6DD, 260A]

S. 12A : Registration-Trust or institution-No activities had been carried on-Rejection of application is not justified-Order Tribunal is affirmed. [S. 11, 12AA, 260A]