“Section 10(38)(b)”

The lack of jurisdiction to initiate reassessment proceedings under Section 147/148 cannot be waived and can be challenged at a later stage, even if not raised initially. An invalid reassessment due to such jurisdictional defects cannot sustain subsequent penalty proceedings.

Under the unamended Section 147(b), 'information' for reopening an assessment includes material already on record that comes to the Assessing Officer's notice subsequent to the original assessment, not just material extraneous to the record.

Once an addition made based on original reasons recorded for reopening is deleted, other additions not part of those original reasons cannot be sustained.

The duty to disclose material facts necessary for assessment, fully and truly, is confined by Explanation 1 to the relevant section. This principle applies across various provisions of the Income-tax Act.

Section 14A of the Income-tax Act is not applicable to insurance businesses governed by specific provisions of Section 44 and Schedule 1. Profit on sale of investments by insurance companies is not taxable, especially after the deletion of sub-rule (b) of Rule 5 of the First Schedule.

An assessee must raise objections regarding territorial jurisdiction before the assessment is completed. The Central Board of Revenue has the power to assign assessments to an Income Tax Officer of its choice.

A reassessment under section 147(b) of the Income-tax Act, 1961, is valid if the Income-tax Officer has reason to believe that income has escaped assessment due to the assessee's failure to make a full and true disclosure. This can be based on information that came to his notice after the original assessment.

Deduction under Section 80-IA must be computed unit-wise, not for the business as a whole. An assessee can claim deduction for eligible units even if other units incurred losses.