“Section 2(75)”

Additions to income based on statements recorded under section 132(4) during a search are valid, and such statements possess evidentiary value even if later retracted. Assessments made under section 153A, relying on these statements, are valid if completed within the prescribed time limits.

The mere absence of customer addresses, particularly for cash sales, in the books of account is not a sufficient ground to reject the books or to cast suspicion on the genuineness of the transactions.

The judgment addresses situations where the assessing officer's findings might be contradictory, particularly when relying on sales based on books that have already been rejected.

Authorities must consider both the objects and activities of a trust when deciding on registration under Section 12A, and registration cannot be refused solely because charitable activities haven't been conducted yet if the objects are charitable.

The term 'installed' in relation to plant and machinery refers to the stage when the asset is ready for use. An asset is not considered installed if it requires further installation of other components to be functional.

The principle that identical facts decided in earlier years, including those concerning assessment years 2010-11, 2011-12, 2012-13, 2013-14, and 2015-16, should be applied to subsequent assessment years with identical facts is reaffirmed.

Penalty cannot be imposed when the addition to income is solely on account of the valuation officer's estimation of fair market value.

Additions can be made based on seized documents if the assessee fails to justify their stand regarding unaccounted sales or the nature of expenditure.