S. 139 : Return–Invalid return-Failure to enclose the report from Chartered Accountant in Form No 3CEB–AO must give an opportunity to rectify the defect with in specified time-Reassessment is quashed on the ground of change of opinion. [S. 92E, 139(9), 147, 148, 271BA, ITAT R. 27]

S. 115JB : Book profit–Depreciation-Adjustment is held to be not valid. [S. 32, Companies Act, 1956]

S. 80IC : Special category States-Oil exploration activity can be taken as manufacture or production-Eligible for deduction. [S.80IB, 80IC(7)]

S. 80IB : Industrial undertakings–Eligible undertaking-Each oil well can be treated as a separate eligible undertaking–Not required to maintain separate account for each undertaking. [S. 80IC]

S. 72 : Carry forward and set off of business losses–Discontinued business-Entitle to set off the loss against business income of the current year. [S. 28(i), 71, 72(1), 176(3A)]

S. 69A : Unexplained money–Survey–Jangad stock–Stock register is supported by confirmation letter–Addition is held to be not valid.

S. 68 : Cash credits-Share application money–Premium-Confirmation filed-Mode of investment is explained–Addition is held to be not justified.

S. 68 : Cash credit-Share application money–Share premium-Name, address, PAN of share applicants together with copies of their balance sheets and returns and, amount received by account payee cheques out of sufficient bank balances maintained-Addition is held to be not valid.

S. 56 : Income from other sources–Shares at premium-Valuation of shares–FMV of shares was estimated after considering intangible assets like goodwill, know-how, patents, copyrights, trademarks, licences, franchises, etc-Re valuation of shares by the AO is held to be not justified. [S. 52(viib)]

S. 54F : Capital gains-Investment in residential house-Purchase– Constructed in phased manner and payments was linked to stage of construction, it is a purchase and not construction of new asset-Exemption is allowable. [S. 45]