S. 147 : Reassessment-Cash credits–Gift from non relative-Suspicion – Reassessment is held to be not valid. [S.68, 143(1), 148]

S. 147 : Reassessment-After the expiry of four years- Acceptance of loans and deposits-Otherwise than by account payee cheque or account payee bank draft–reassessment proceedings was merely based on change of opinion of Assessing Officer, impugned order passed by Tribunal up held. [S. 148, 269SS]

S. 115JB : Book profit-While computing book profit, provision made for payment of wealth tax could not be included in it as section 115JB only refers to income-tax paid or payable or provisions made therefor –No question of law. [S. 260A]

S. 69A : Unexplained money–Unexplained cash receipts-Description of property was not furnished–Addition is held to be justified.

S. 57 : Income from other sources–Interest–Intercorporate deposits (ICDS)-Interest received is held to be taxable as income from other sources–Interest paid to sister concern is held to be allowable as deduction. [S. 56]

S. 54F : Capital gains–Capital asset-Investment in a residential house–Booked a flat in January 1981–Right in the flat was sold in the year 2005 -Allowable deduction. [S. 2(14), 45]

S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability–Not claimed any deduction of any trading liability in any earlier year-Addition cannot be made.

S. 40A(9) : Expenses or payments not deductible-Bonus to employees-Contribution made by assessee-company to various clubs meant for staff and their families was admissible as deduction [S. 37(1)]

S. 40(a)(ia) : Amounts not deductible-Deduction at source–Payee filed the return and offered the sum received from the assessee – Second proviso to section 40(a)(ia) has retrospective effect from 1-4-2010-No disallowances can be made. [SD. 194J, 201]

S. 37(1) : Business expenditure-Illegal Commission-Volcker Committee Report – No finding that the asesee had made payment – Deletion of addition held to be justified.