“Section 113(4)”

An Income-tax Tribunal, operating anywhere in the country, must respect and follow the law laid down by any High Court, even if it is a non-jurisdictional High Court, as long as there is no contrary decision from another High Court on that specific legal point. The law declared by such a High Court is considered the final law of the land for the Tribunal.

The Assessing Officer is competent to accept or draw proper inferences from auditors' reports. When books of accounts are audited by chartered accountants and there is no material on record to show they are unreliable, no addition challenging deductions supported by those books is tenable.

Taxing statutes must be interpreted strictly, and deeming provisions cannot extend beyond their legislative scope. Presumptions under Section 292C are limited to the correctness of documents found during a search or survey and do not automatically deem those documents as the assessee's income without further evidence.