S. 147 : Reassessment–After the expiry of four years–No additions sustained on the reasons recorded–Reassessment is bad in law . [S. 148]

S. 145 : Method of accounting-Project Completion Method-Percentage Completion Method-Project completion method is held to be valid- Deletion of addition in respect of advance received from customers is held to be valid. [S. 145(3)]

S. 143(3) : Assessment–Amalgamation–Merger -Assessment order passed in the name of non-existent entity–Held to be invalid. [S. 143(2)]

S. 68 : Cash credits-Bank statement cannot be considered as books maintained by assessee-Addition is held to be not valid.

S. 68 : Cash credits–All details regarding cable operators available on record–All deposits received in cheque which were subsequently refunded back- Deletion of addition is held to be justified.

S. 54 : Capital gains–Profit on sale of property used for residence– Acquisition of three flats–Converted into one single unit–One electricity meter / bill for the entire residential unit–Deduction could not be denied in spite of there being three separate agreements for purchase and sale of flats, [S. 45]

S. 44BB : Mineral oils – Non-residents – Business for prospecting/exploration, mineral oil etc. vessels given on hire- Required to be shown to be fitted with necessary equipments, and having technical capacity for use in prospecting for, or extraction or production of mineral oils-Matter remanded.

S. 28(i) : Business loss-Conversion of ECB to share capital–Comprises of two distinct transactions–Foreign exchange loss on difference to be charged to P&L Account–Allowable as revenue loss. [S. 37(1), 43, Companies Act, 1956, S.75(1)]

S. 12AA : Procedure for registration–Trust or institution-Order denying registration was passed without providing opportunity of being heard- Order was set aside.

S. 10(23C) : Educational institution-Society running a school-Entitle to exemption. [S.10 (23C)(vi)]