Section 129 of the Income Tax Act

The non-obstante clause of Section 153A overrides the strict procedures and jurisdictional limitations imposed on the Assessing Officer by Sections 147, 148, 149, and 151, making these provisions inapplicable to assessments initiated under Section 153A.

The assessee bears the onus to prove the genuineness and voluntary nature of donations received, including corpus donations. Failure to discharge this burden allows the Assessing Officer to treat such donations as non-genuine or accommodation entries.

A new claim for deduction or allowance cannot be made during assessment or reassessment proceedings initiated under section 153A of the Income-tax Act. These proceedings, triggered by a search under section 132 or requisition under section 132A, are specifically for determining total income, particularly undisclosed income, within the context of section 153A alone.

The assessee is entitled to a deduction of interest under Section 36(1)(iii) on borrowed funds utilized for acquiring shares, provided the shares are held as stock-in-trade as part of a share trading business.

Penalty under Section 271D for cash loans in contravention of Section 269SS is not leviable when transactions are genuine and bonafide. This is particularly applicable for transactions between close relatives where a reasonable explanation exists for not using an account payee cheque or DD.

For an addition under Section 68, the assessee must satisfactorily explain the source of depositors and their creditworthiness; mere receipt of funds via banking channels or furnishing particulars is not conclusive proof of genuineness.

A bank passbook alone does not constitute the books of account of an assessee for the purpose of the Income Tax Act.

For banking companies, the machinery provisions of Section 115JB(2) of the Income Tax Act are unworkable due to a legal dichotomy created by the first proviso.

A claim for exemption from taxability must be made in the original return under section 139(1) or a revised return under section 139(5). Any claim made outside these mandatory time limits, including during a section 153A assessment, is not allowable.