Consequential assessment following revision directions was confined to verifying DCF share valuation and projection assumptions; because the directions did not require treating share premium as unexplained cash credit, the Section 68 addition was deleted. Where valuation exceeded fair market value, Section 56(2)(viib), subject to its conditions, was identified as the relevant provision. For AY 2014-15, the unamended Section 68 required proof of creditor identity, transaction genuineness and lender creditworthiness, not source of source. Generalised treatment of lender evidence required limited lender-wise verification, so the unsecured-loan addition was remanded without a merits determination.

Cash returned by builders from property payments made through banking channels constitutes circulation of explained funds, not unexplained money, unless evidence establishes a separate unexplained asset or accretion; the related addition was deleted. Alleged cash interest from builder financing was unsustainable where disclosed property investments, rent and capital gains supported appreciation rather than separate interest; that addition was deleted. Acquisition below stamp-duty value can attract section 56(2)(x)(b) irrespective of a transaction's builder-financing character, but disputed values require fair-market-value determination before taxability is decided; the issue was remanded. Set-off of brought-forward long-term capital loss was also remanded for verification of eligibility and the character of current-year capital gains.

Search-related information concerning alleged non-genuine purchases must be addressed through the statutory reassessment route applicable where material is found in another person's search. The ordinary procedure under section 148A cannot displace that route. Approval for an order under section 148A(d) does not substitute for the independent prior approval required before issuing a notice under section 148. Compliance with the prescribed jurisdictional procedure is mandatory, not procedural; non-compliance creates a foundational jurisdictional defect and renders the reassessment notice and consequential assessment liable to be quashed without determination of the underlying addition.

India-Singapore investment cooperation is to be strengthened through engagements with political leadership, business representatives and global institutional investors. Discussions cover trade and investment, digital financial connectivity, capital markets, taxation, advanced manufacturing, skilling and aviation. The National Investment and Infrastructure Fund and GIFT City are identified as channels for Singaporean capital participation through investment vehicles and funds. The Ministry of Finance will facilitate connections between investors, Indian companies, financial institutions and State Governments for identified investment opportunities.

First appellate authorities with powers coterminous with the Assessing Officer may examine fresh evidence filed in appeal and may obtain a remand report where verification is required. Rejecting fresh purchase, vendor-balance, sales, expense, and tax-deduction details solely because complete material was not furnished during assessment leaves factual disputes unverified. Additions and disallowances founded on such discrepancies require fresh verification through de novo adjudication, with an adequate hearing opportunity and taxpayer cooperation.

Capital-gains liability under a development agreement requires factual verification where the sale deed and power of attorney indicate that the assessee acted only as the landowner's attorney holder. Because these documents were not produced before the lower authorities and required consideration alongside the Revenue's submissions, the liability was not decided on merits. The appellate order was set aside and the matter was remitted to the CIT(A) for fresh consideration of the documents and submissions.

Write-back of a general provision for standard assets requires factual verification in both normal income and book-profit computations where no earlier deduction was claimed. Because the reversal is recorded as a negative expense increasing profit, a further tax adjustment may produce duplicate taxation. A security-deposit provision voluntarily added back in computing book profit should not be added again, subject to record verification. Entitlement to tax deducted at source credit requires verification. Refund adjustment, interest and penalty issues depend on these assessment variations and require reconsideration only after the underlying facts are determined.

Consignment sales undertaken by a del credere commission agent for consignors, with commission income recorded, cannot be treated as the agent's own turnover merely because APMC cess was paid; the estimated profit addition was therefore deleted. Agency receivables and payables require factual verification that individual balances arise from commission transactions, including appropriate confirmations; their deletion was set aside for fresh verification. Unidentified additional evidence cannot support a Rule 46A objection where the allegedly new documents are not identified. Loans, advances and deposits require verification of their source, nature and genuineness; deletion without examining incomplete balance details was set aside, and the addition restored.

Transfer-pricing principles preclude notional interest on quasi-equity OFCDs or unrecoverable associated-enterprise funding where recovery is uncertain and no real income accrues; payment under an invoked guarantee is not necessarily a lending transaction. Parent-company guarantees require arm's-length treatment distinct from bank guarantees. Inventory may be valued at the lower of cost and net realisable value where a consistently applied method and adverse market conditions support the valuation. Actual share-transfer consideration could not be replaced with fair market value to deny capital losses before the applicable substitution provision took effect. Foreign-exchange loss, income reconciliation, depreciation set-off and TDS credit require factual verification, including whether corresponding income was taxed.

The Appellate Tribunal's jurisdiction is excluded only for appellate orders concerning baggage, specified goods loaded for import but not unloaded, or drawback. Confiscation of Indian currency, mobile phones and a domestically registered car, coupled with a smuggling-related penalty, did not fall within those excluded categories because the items were neither imported nor exported and the car was not loaded with gold when seized. The prescribed remedy was therefore an appeal to the Appellate Tribunal, not a revision application. The writ petition was dismissed, with liberty to file the appeal within thirty days; it must be decided on merits without reference to limitation.

Customs Broker due diligence is satisfied by obtaining statutory documents establishing an importer's genuineness; it does not require physical verification of the importer's premises. Licence suspension for alleged regulatory breaches requires identified and substantiated evidence rather than general allegations. Because suspension seriously restricts business operations, prescribed timelines for revocation proceedings are mandatory: authorities must initiate and complete those proceedings within the stipulated period and cannot maintain an indefinite suspension pending investigation. Unsupported allegations and non-compliance with the time-bound procedure make continued suspension unsustainable.

Section 138B limits substantive reliance on statements recorded under Section 108 unless its prescribed conditions are fulfilled; non-retraction alone does not cure non-compliance. A concurring approach treated examination of the maker as non-mandatory in departmental adjudication where no prejudice or involuntariness was established. Independent physical, expert and documentary material established that complementary split consignments formed one previously registered motorcycle, supporting reclassification, rejection of declared transaction value, and residual valuation. Duty was confined to the real importer, rather than imposed jointly and severally. Misdeclaration and breach of import restrictions supported confiscation and penalties for knowingly false declarations, subject to reductions. DRI officers and the common adjudicating authority were considered competent.

Creditor insolvency petitions require proof that the debtor committed a statutory act of insolvency within the prescribed period; the conditions are conjunctive. An attempted or agreed transfer of property, without an actual transfer, does not fall within the statutory definition. Non-repayment of debt may support a money claim but does not independently constitute an act of insolvency. Because no qualifying statutory act was established, the High Court set aside the insolvency adjudication and all consequential directions, while preserving creditors' ability to pursue other remedies in law.

Going-concern liquidation sale commences from the liquidation order where that order incorporates the creditors' committee recommendation and directs the Liquidator to first pursue that sale mode. Auction notices and an Asset Sale Process Document are subsequent implementation measures, not events that initiate liquidation. A saving clause must be read within the statutory liquidation scheme, and amendments to liquidation regulations operate prospectively unless expressly made retrospective; they cannot displace rights and obligations crystallised under the prior regime. The period for endeavouring a going-concern sale is directory and may be extended, particularly where judicial restraint prevented issuance of an auction notice. Rejection of the Liquidator's request for extension and permission to complete the sale was set aside for further action according to law.

Form No. 161 is substituted as the prescribed application for waiver of penalty under section 440(2). It requires applicant and assessment-order particulars, details of assessed and under-reported income, tax and interest payable, additional income-tax payable in lieu of penalty, and payment challan details. The applicant must verify the information, declare that no appeal has been filed, and undertake not to file an appeal before expiry of the prescribed period. The total amount payable for waiver is to be paid by the demand-payment due date.

From the commencement of personal bankruptcy, money standing to the bankrupt's credit in a bank account constitutes property vested by law in the Bankruptcy Trustee. Post-commencement withdrawals are therefore unauthorised dealings and must be returned, irrespective of claimed lack of knowledge where prior notice and creditor-meeting participation exist. Statutory exclusion for unencumbered personal ornaments is limited by prescribed conditions and a value cap; it does not extend to sale proceeds deposited in a bank account, particularly where the claimed proceeds exceed that cap. Recall of an ex parte return order requires demonstrated prejudice, which was not established. Both appeals were dismissed.

RoDTEP rebate is unavailable for exports made under the Duty-Free Import Authorization Scheme, notwithstanding the extension of eligibility to certain Advance Authorization holders, Export Oriented Units and Special Economic Zone units. Exporters must not claim or avail RoDTEP benefits on DFIA exports. Inadmissible benefits already availed must be repaid or reversed with applicable interest, and payment particulars must be furnished to the Drawback section within 30 days. Non-compliance may trigger customs recovery proceedings.

Inter-CFS transfer of export cargo after grant of a Let Export Order may be permitted without Customs escort, subject to direct movement from the forwarding CFS to the receiving CFS in closed-body trucks or domestic containers under a Customs Bottle Seal. The seal must be verified at the receiving CFS before de-stuffing, re-stuffing, or further consolidation, as applicable.

Designation of the Designated Officer for blocking public access to information is made under section 69A(1) of the Information Technology Act, 2000, read with rule 3 of the Information Technology (Procedure and Safeguards for Blocking for Access of Information by Public) Rules, 2009. A Joint Secretary in the Ministry of Electronics and Information Technology is authorised to perform the functions assigned under those Rules. The designation supersedes an earlier designation and was subsequently superseded.

Central Government designated Shri Sushil Pal, Joint Secretary, as the Designated Officer for procedures concerning blocking public access to information under the Information Technology Act and the applicable blocking safeguards rules. The designation operated during the absence of Shri Sanket S. Bhondve, the existing Designated Officer, owing to leave, tour, or similar circumstances, and was subsequently superseded.