S. 201 : Deduction at source-Failure to deduct or pay–Non–residents-Limitation period prescribed in sub-section (3) of section 201 would be equally applicable in respect of non-residents-Order held to be in valid.[S. 40(a)(ia), 195, 201(3)]

S. 147 : Reassessment–Notice–Assessment order passed without issue of mandatory notice u/s.143(2) of the Act is bad in law. [S.143(2), 148, 292B].

S. 80P : Co-operative societies–Supply of milk to mother diary– Deduction u/s.80P(2)(b) is allowable-Interest earned by it from deposits made with nationalised/private banks, however, said benefit was available in respect of interest earned on deposits made with co-operative bank. [S. 80P(2)(b), 80P(2)(d)]

S. 73 : Losses in speculation business–AO cannot compare funds deployed in shares held as investment as against funds deployed of loans and advances-loss incurred by it in share transactions was assessable as business loss which could be set off against its business income. [S. 28(i)]

S. 68 : Cash credits-Shares at premium-Confirmation is filed and source is explained–addition as cash credits is held to be not justified. [S. 133(6)]

S. 54 : Capital gains-Profit on sale of property used for residence– Investment with in specified time is eligible for exemption-law does not require that the assessee must investment same money in specified asset.[S. 45]

S. 45 : Capital gains-Transfer- Year of taxability-Sale deed was executed on 31-03 2009–Full payment of sale consideration was received–Registration was done on 1-04-2009-Capital gain tax is chargeable in assessment year 2009-10 and not in 2010-11. [S. 2(47)(v), 45, 147, Registration Act, S.47, Transfer of property Act, 1982, S.53A]

S. 45 : Capital gain-Transfer of immoveable property-Date of execution of registered document is relevant and not date of delivery of possession or date of registration of document-Matter remanded – Method of accounting-AO is to be directed to bring said income to tax on basis of percentage completion method having regard to principles of AS-9. [S. 2(47), 145]

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits–Agricultural produce-Failure to produce farmers-No disallowances can be made. [R. 6DD(e)]

S. 37(1) : Business expenditure-Partner cannot separately claim expenses against income received from partnership firm. [S.28(v), 10(2A)]