S. 201 : Deduction at source-Failure to deduct or pay–Interest-Remittance of TDS was made online on prescribed date, credit to Government’s account was instant-No interest could be levied for delay in remitting TDS to credit of Government even if online portal showed a delayed date. [S. 201(IA)]

S. 145A : Method of accounting–Valuation-MODVAT credit does not have any impact on profit of assessee and thus, unutilised MODVAT credit could not be added to value of closing stock.

S. 120 : Jurisdiction of income-tax authorities-Additional Commissioner can function as an AO only when jurisdiction has been assigned to him-No directions or orders assessment order passed by Additional Commissioner was illegal and without jurisdiction. [S. 120(4)(b), 124]

S. 80HHC : Export business–Sale of scrap-Income from such scrap would tantamount to recoupment of cost of raw material/production and, therefore, was includible in profits of business.

S. 69C : Unexplained expenditure-Labour expenses-ad hoc disallowance-Held to be not justified. [S. 145]

S. 69A : Unexplained money–Bank deposits–Evidence was not considered–Matter remanded. [S. 45]

S. 68 : Cash credits–Gifts from father–Source explained–Addition is deleted.

S. 68 : Cash credits–Sundry creditors-From earlier years-No addition can be made.

S. 68 : Cash credits–Books of account-No addition can be made owing to difference in income based on Form No. 26AS and income as reflected in books of account maintained by assessee. [S. 145]

S. 54F : Capital gains-Investment in a residential house-Perpetual lease–Purchase of property-Entitle for exemption. [S. 2(47)(vi), 45, 269UA]