S. 73 : Losses in speculation business -Set-off of Losses —Transaction in shares- No evidence was produced – Loss cannot be set off.[ S.133(6)]

S. 50 : Capital gains – Depreciable assets – Block of assets – Sale of land with building — Demolition of building — Land alone subject to development — Consideration is only for land S.50 is not applicable .[ S.45 ]

S. 11 : Property held for charitable purposes – Amount paid to employing foreign personnel for imparting education in India, amount set apart for payment in previous year and paid in subsequent year, expenditure of earlier years adjusted against income of current year ,amounts to application of income – When purposes of accumulation is mentioned in Form 10 charitable merely failure to give details — Exemption cannot be denied [ Form 10 ]

Interpretation of taxing statues – Precedent – Settlement Commission must follow decision of jurisdictional High Court. [ S.245C, 245D ]

S. 260A : Appeal – High Court – Method of accounting – Following AS-7 of the ICAI and not appreciating the fact that the same is not notified by the provisions of section 145 of the Income -tax Act , 1961 is a question of law, which requires consideration . [ S.145 ]

S. 260A : Appeal – High Court – Precedent – Department could not be permitted to raise the same questions as had been earlier dealt with in the Division Bench judgments and orders of the court. [ S.40(a)(ia), 194J]

S. 254(2A): Appellate Tribunal –Stay- Direction to Tribunal to decide appeals within specified time is and vacation of stay is not mandatory-third proviso has to be understood with two clear prescriptions on caveat. They are that the third proviso has to be understood primarily as directory and not mandatory-Stay will not stand automatically vacated under third proviso to sub -section 2(A) of section 254 , unless the Tribunal records a finding that the assessee was responsible for the procrastination of hearing of the appeal- Interim stay granted to continue . [ S.254(1) ]

S. 245D : Settlement Commission – Application -Rejection of application only on technical ground stating that the applicant has not mentioned the subsequent receipt of refund is held to be not justified – The order was set aside and the matter was remanded to the Settlement Commission for fresh consideration. [ S. 245C, Art. 226 ]

S. 245D : Settlement Commission – Pendency of assessment -Once the assessment is made by the Assessing Officer by passing the order of assessment, the case can no longer be stated to be pending. An application for settlement would be maintainable only if filed before that date. The date of dispatch or service of the order on the assessee would not be material for such purpose Matter -Precedent -Settlement Commission must follow decision of jurisdictional High Court- Case remanded to Settlement Commission- .[ S.245C ]

S. 244A : Refunds – Interest on refunds – Search and seizure — Tax dues appropriated from seized cash — Balance to be returned with interest.[ S. 132 ]