“Section 133(8)”

A live link of third-party information can form the basis for reopening an assessment under Section 148, provided it contains material facts necessary for assessment. The Assessing Officer must demonstrate a "reason to believe" that income has escaped assessment, which can be satisfied by such information even if it pertains to other assessees or relates to accommodation entries.

The elementary principle of natural justice requires that an assessee must have knowledge of all material intended to be used against them in assessment proceedings, along with a reasonable opportunity to meet or rebut such material, including the right to cross-examine witnesses.

Expenditure is laid out wholly and exclusively for the purposes of trade or business when it is incurred by the assessee as incidental to their trade, for the purpose of keeping the trade going and making it pay, and not in any other capacity than as a trader.

Commission paid to agents for services rendered is not deductible if the assessee fails to provide evidence that the agents actually procured sale orders or rendered services justifying the commission.

Trade advances in the nature of commercial transactions are not considered 'advances' under section 2(22)(e) of the Income Tax Act, 1961.