S. 153C: Assessment – Income of any other person – Search- Business of financing- Loan not repaid- Treated as bad-debts- Search on the premises of debtors- Subsequently, notice issued to- Assessing Officer is not justified in assuming jurisdiction where assessment has not been abated where no incriminating material was found- Best judgement assessment- Notice under section 143(2) is mandatory -Reassessment – Change of opinion- Issues dealt with during original assessment-Full and true disclosure of information-No new tangible material – Reassessment is bad in law- No failure to comply with notice under section. 142 – Best judgement assessment is bad in law – CBDT Circular -Binding on Revenue – Assessment order issued without bearing Document Identification Number (DIN)- Order is invalid. [S.36(1)(vii) 119, 132,133A, 143(2)(2) 144, 147 , 148, 153A, Art. 226]

Interpretation of taxing statute – If statute provides for a thing to be done in a particular manner, then it has to be done in that manner and in no other manner – Reassessment – Conducting inquiry, providing opportunity before issue of notice – Faceless Jurisdiction of income -tax authorities. [ S. 148A, Art , 226 ]

S. 148A: Reassessment – Conducting inquiry, providing opportunity before issue of notice – Faceless Jurisdiction of income -tax authorities – e- Assessment Scheme, 2022- It is mandatory for Revenue to conduct /initiate proceedings to reassessment in a faceless manner – Concurrent jurisdiction -Reassessment notice was issued by the Jurisdictional Assessing Officer and not by Faceless Assessing Officer – CBDT notification – Finance Act , 2021 -Procedure adopted by the Revenue is contravention of the statute – When the initiation of the proceedings itself was procedurally wrong, the subsequent orders also gets nullified automatically- Interpretation of taxing statute – If statute provides for a thing to be done in a particular manner, then it has to be done in that manner and in no other manner . [ S.119, 124, 130(1), 130(2), 144B, 147, 148, 148A (d), 151A, e-assessment of Income Escaping Assessment Scheme 2022- , 2(1)b),3, Art ,142, 226 ]

S.115O: Tax on distributed profits of domestic companies – Tax on distributed income to share holders – Buy back of shares –Capital reduction – Deemed dividend – The consideration paid by the assessee to its shareholders for purchase of its own shares was liable to tax as deemed dividend u/s.2(22)(d) of the Act, and alternatively, u/s.2(22)(a) of the Act, and consequently, the assessee company was liable for payment of Dividend Distribution Tax (in short “DDT”) u/s.115-O of the Act. – DTAA -India – Mauritius . [ S. 2(22)(a),2(22)(d), 10(34), 46A, 115O , Companies Act 1956 , S. 77A, 100, 102, 104 , 391 to 393 , Companies Act , 2013 , 68 , Art. 13 .]

S. 28(i): Business income – Income from house property – Builder – Stock in trade – Leave and licence – Income from licencing of residential flats assessable as business income and not as income from house property. [ S. 22, 23 ]

S. 148A: Reassessment – Conducting inquiry, providing opportunity before issue of notice – Beyond limitation – Sanction -Signed by wrong specifying authority – Beyond period of three years – TOLA is not applicable to AY.2015-2016 or any subsequent years- No power to review – Change of opinion – Order is quashed as bad in law . [ S. 147,148 ,148A(b), 148A(d)), 149(1)(b), 151(i), 151 (ii), Art . 226 , Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act. 2020 ( TOLA S. 3 )

S. 5 : Property held benami liable to confiscation-Benami property- Benami transactions-Benami Transactions-Attachment, adjudication and confiscation-Sections 3 and 5 which deal with criminal offences applicable effective only from 25-10-2016- Provisions are prospective. [S. 2(8), 2(9), 3, 24]

S. 2(9) : Benami Property Transactions-Amendment of Act in 2016 Provisions are substantive-Not applicable with retrospective effect- The amendments to the Prohibition of Benami Property Transactions Act, 1988 brought by the Benami Transactions (Prohibition) Amendment Act, 2016 do not have retrospective effect.[S. 2(9)(A) (2(9)(C), Art, 20, 136, 226]

Interpretation of taxing statutes -Interpretation which effectuates object and purpose of statute preferred.-Amendment by substitution-Rule against retrospectivity. [S. 153C]

S. 88 : Settlement of tax payable – Notice of demand – Petition against notice of demand -No due certificate was issued – Summary dismissal -No dues – Certificate under Kar Vivad Samadhan Scheme – Order of High Court not stating facts or adverting to contentions of parties -Order set aside. [S. 92, ITACT, S. 156, Art. 136, Art, 226]