“Section 132(84)”

Under the Income-tax Act, 1961, the Assessing Officer must tax any taxable income in the hands of the correct assessee to whom it truly belongs, having no option to assess it in any other person's hands.

The presumption under Section 132(4A) of the Income Tax Act applies only to the person from whom books of account or documents are seized, and not to other persons.

The assessment can apply the peak credit theory for additions related to unexplained credits or entries. Furthermore, assessment proceedings are not vitiated merely because the Department proceeded under an incorrect section if material existed to justify the assessment under a proper provision like section 148.

Interest paid on capital borrowed for the purpose of business cannot be disallowed, even if the interest charged on funds advanced by the assessee is lower.

A prohibitory order under section 132(3) is invalid if the documents placed under restraint do not culminate into any undisclosed income in the assessment order.