“Section 243(2)”

Income earned from deposits or investments directly and inextricably linked to the acquisition of assets or the setting up of a business project during its construction period is incidental to the asset acquisition, reducing the project cost, or constitutes business receipts eligible for relevant deductions, rather than 'income from other sources'.

Income arising from mutual activities carried out by clubs or associations solely among their members is not assessable for income tax, as it does not constitute income from a trade or business due to the principle of mutuality.

A subsequent amendment cannot impose a new tax burden or liability for a period when such liability did not exist. Therefore, additional tax or penalty cannot be levied for non-disclosure of income made taxable retrospectively by an amendment not in force at the time of the original return.

The absence of JCIT's approval under Section 274(2) is a curable procedural irregularity that does not render the Assessing Officer's order void ab initio, but rather requires the matter to be decided afresh after obtaining the necessary approval.

The absence of prior approval from the Joint CIT under section 274(2) does not render an Assessing Officer's order void ab initio; the matter can be decided afresh after obtaining the necessary approval.

If a notice under section 148(2) is valid, the Assessing Officer can make additions on any grounds that come to notice during reassessment proceedings under section 147, even if the original reasons for the notice no longer survive.

The absence of prior approval from the Joint Commissioner of Income Tax under section 274(2) does not automatically render the Assessing Officer's order void ab initio. The matter can be decided afresh after obtaining the necessary approval.