S. 260A : Appeal – High Court – Strictures -The Court deprecated the tendency of the Revenue to file appeals even though the issues were ex facie covered by the decisions of the jurisdictional High Courts or even the Supreme Court of India – Copy of order is forwarded to Chief Commissioner , CBDT , Mimistry of Finance , Department of revenue for need ful action – Interest income- Held to be not assessable .[ S.4 ]

S. 271(1)(c) : Penalty–Concealment–Quantum addition was not challenged – Receipts were not offered to tax in the return-Levy of penalty is held to be not justified.

S. 271(1)(c) : Penalty–Concealment–Difference in TDS- Agreed addition- levy of penalty is held to be not valid.

S. 234B : Interest-Advance tax–Interest is to be computed with respect to total income determined in regular assessment as per definition of assessed tax given in S. 234B of the Act- Matter remanded.[S. 140A]

S. 145A : Method of accounting–Valuation–Advance Custom duty paid adjusted against excise duty payable–Allowable as deduction- Directed the AO to recast profit and loss account under inclusive method. [S. 43B]

S. 143(3) : Assessment-Professional income–Year of taxability- Income offered in subsequent year–No loss to revenue–Deletion of addition is held to be justified.[S. 4]

S. 143(3) : Assessment-Alleged excess consumption-Addition is held to be not justified.

S. 143(3) : Assessment-Validity-Draft order wrongly titled as assessment order–Objection was not raised before DRP-Validity of assessment cannot be challenged. [S. 92CA, 144C]

S. 115WB : Fringe benefits–Salary–Contribution to approved super annuation fund–Disallowance is held to be justified. [S. 15]

S. 115JB : Book profit– Not applicable to insurance companies.