S. 80IB(10) : Housing projects-Belated return of income-Where High Court, in separate proceedings, condoned assessee’s delay in filing return, denial of deduction solely on ground of such delay became untenable; assessment order quashed and matter remanded to AO. [S. 119(2)(b), 139, 254(2), Art. 226]

S. 80IA : Industrial undertakings-Enterprises engaged in infrastructure development-Captive power plant-Valuation of electricity transferred to another unit of assessee to be at rate charged by distribution companies to consumers-Order of Tribunal affirmed. [S. 80A(6), 260A]

S. 80HHC: Export business-Computation of deduction-Turn over-Scrap sale-For purpose of section 80HHC, proceeds of sale of scrap would not form part of total turnover.[S.260A]

S. 69C : Unexplained expenditure-Bogus purchases-Information from Sales Tax Department-Corresponding sales not disputed-Non‑production of suppliers does not justify disallowance of entire purchase amount; only profit element is to be added-Estimate of profit at 12.5% of purchases was affirmed.[S. 148, 260A]

S. 69C : Unexplained expenditure-Unexplained investments-Bogus purchases-Sales not disputed –Estimate at 12.5%-Only profit element embedded in such purchases is taxable, not the entire amount. [S. 69, 147, 148, 260A]

S. 69C: Unexplained expenditure-Search and seizure-Notings in diary and loose papers-Assessee’s failure to explain source of funds and nexus of expenditure with developer’s transactions-Concurrent findings of lower authorities upheld.[S.132, 260A]

S. 69B : Amounts of investments not fully disclosed in books of account –Undisclosed investment in shares-Alleged stock mismatch-Order of Tribunal deleting the disallowance affirmed. [S. 260A]

S. 68: Cash credits-Foreign Currency Convertible Bonds (FCCB)-Onus of proof-Assessee’s duty is to prove identity of immediate subscriber, not ultimate bondholders source of source-Order of Tribunal deleting the addition is affirmed. [S.260A]

S. 68 : Cash credits –Received through banking channel-Repaid in subsequent year-Failure to charge interest-Order of Tribunal deleting the addition is affirmed.[S. 260A]

S. 68 : Cash credits-Major portion was repaid during the year-Order of Tribunal deleting the addition is affirmed-Additions deleted-Set aside assessment-Additions which were deleted by the CIT(A) in the first round of proceedings and not contested further by the Revenue had attained finality and could not be made again by the Assessing Officer in the set-aside assessment. [S. 254(1), 260A]