If a right in the property is extinguished by execution of an “agreement to sell”, the capital asset can be deemed to have been transferred – Purposive Interpretation & Awesome Judgement by Supreme Court.
In case of book adjustment, if no cash is involved, provisions of s. 68 treating it as unexplained cash credit are not attracted
Permission granted by CIT cannot countermand mandatory requirement of seeking permission from ACIT so as to validate notice for re-opening of assessment: HC
The Supreme Court imposed a fine of Rs. 10 Lakhs on the Income Tax Department for its casual approach.