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]

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Specified domestic transaction-Rejection of comparables based on findings of fact in respect of functional dissimilarities-Interest on receivables-Working capital-Remanding the matter to Assessing Officer-Order of Tribunal is affirmed. [S. 260A]

S. 148A: Reassessment – Conducting inquiry, providing opportunity before issue of notice – Information must be definite and not vague – Validity of notice can be challenged by filing writ petition .[ S. 147 , 148, 148A(b) 148A(d) , Art. 226 ]