S. 143(3) : Assessment-Permanent account number-Draft assessment order-Amalgamation-Observation made by single judge is vacated-Assessee relegated to statutory remedy of appeal to be decided on merits. [S. 139A(5), 144C, Art. 226]

S. 132 : Search and Seizure-Right to livelihood-Issuance of look out Circular on mere suspicion that assessee had bank accounts and investments in other countries-Cannot be basis for holding that assessee being allowed to travel abroad would be detrimental to the economic interests of India-Absence of proceedings under any penal law being initiated against assessee at relevant point of time —Indefinite continuance of look out circular on mere suspicion-Infringement of right to livelihood [Black Money (Undisclosed Foreign Income and Assets) and Imposition of tax Act, 2015 and the Prevention of Money-Laundering Act, 2002. The Indian Penal Code, 1860, Art. 21, 226]

S. 80P : Co-operative societies-Interest earned from deposits in other Co-Operative Banks-Entitled to deduction-Interest on deposits in Treasury-Not entitled to deduction. [S. 80P(2)(a)(i), 80P(2)(d)]

S. 80IA : Industrial undertakings-Infrastructure development-Operation and maintenance of Multi-Purpose berth in Port —Letter issued and agreement with Port authorities would satisfy requirement of law. [S. 119]

S. 54 : Capital gains-Profit on sale of property used for residence-Residential property standing in name of wife cannot be considered to be owned by assessee-Difference between section. 54 and section. 54F-Specified Bonds-Assessee can claim exemption under Section 54 as well as section 54EC. [S. 27, 45, 54EC, 54F, Hindu Succession Act 1956, S. 14]

S. 49 : Capital gains-Previous owner-Cost of acquisition-Capital asset acquired by will-Indexation-Cost of acquisition to be calculated taking into account cost of acquisition of previous owner of asset. [S. 2(29A), 2(42A), 45, 48, 55(1)(b)(2)(ii), Art. 226]

S. 48 : Capital gains-Computation-Full value of consideration-Adoption of fair market value based on guidelines issued by Government is justified. [S. 45, 50D]

S. 44BB : Mineral oils-Computation Presumptive Tax-In connection with-Transportation of equipment from assessee’s yard to offshore site, Inextricably connected with prospecting, extraction or production of mineral oils-Hire charges paid for tugs and barges to transport integral part of execution of contract-Payments taxable on presumptive basis. [S. 9(1)(vi), 195, 264, Art. 226]

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Raw hides and skins purchased from trader-Disallowance is not valid. [S. 133(6), R. 6DD(e)]

S. 37(1) : Business expenditure-Wholly and exclusively-And Expenditure benefitting third person-Incurred for the purpose of business-Allowable as deduction.