S. 80HHE : Export business-Computer software-Claim was not made when the return was filed-Claim was made when the amount was received–Entitle to deduction.

S. 69C : Unexplained expenditure-Bogus purchases-Estimate of GP from 15% to 12% by the Tribunal is held to be justified.

S. 68 : Cash credits-Variation in closing balance in bank statement and debit balance in books Income—Advance received- Not proved satisfactorily–Addition is held to be justified.

S. 68 : Cash credits-Share Capital—Survey – Bogus accommodation bills to various concerns including assessee and its sister companies—PAN no – Affidavit of investors- Acknowledgement of filing of return -Deletion of addition by the Tribunal is held to be justified.

S. 68 : Cash credits – Share capital- Most of the address of share holders are identical-They could not be traced despite issue of notice u/s 131 of the Act –Affidavits are similarly worded- .Addition is held to be justified. [S. 131]

S. 45 : Capital gains–Long term capital gains-Firm-Retirement- Amount received by retiring partner as good will is held to be not taxable as capital gains.

S. 36(1)(ii) : Bonus or commission- Directors and employees- payment of bonus was part of employment agreement and it was a performance based payment—Allowable as deduction.

S. 11 : Property held for charitable purposes-CIT(A) can set aside an assessment order, if AO fails to comply the direction of CIT(A) in an earlier order while granting relief to the assesse. [S. 11(5) 13(1)(d), 250]

S. 10A : Free trade zone–Total turnover–Export turn over– Deductions on freight, telecommunication and insurance attributable to delivery of computer software are to be allowed from total turnover-Eligible for exemption export should earn foreign exchange, it does not mean that undertaking should personally export goods manufactured /software developed by it outside Country.

S. 10(10C) : Public sector companies-Voluntary retirement scheme –Employee of ICICI Bank –Entitle to exemption.