S. 263 : Commissioner – Revision of orders prejudicial to revenue -AO had taken a broad view by accepting cost of fixed assets as recorded in books of account which were also supported by valuation report, then order of Assessing Officer could not be held to be erroneous on ground of lack of enquiry- Estimated cost of valuation for availing bank loan cannot constitute actual cost – It was not mandatory for Assessing Officer to refer valuation to DVO once he was satisfied with cost of construction and cost of fixed assets as recorded in books of account- Revision is held to be not valid . [ S.142A ]

S. 239 : Refunds – Limitation – Condonation of delay -Delay in pronouncement of judgement by AAR -Return claiming the return belatedly – Revenue authorities were to be directed to condone delay in filing return subject to payment of cost and, thereupon, assessee’s claim for refund would be decided in accordance with law .

S. 220 : Collection and recovery – Assessee deemed in default – Stay of demand – Pendency of appeal before CIT(A) – Demand of payment of tax is reduced from 20% to 10 % .

S. 194A : Deduction at source – Interest other than interest on securities – Branches of Bank -Deduction of tax at source- Jurisdiction of Assessing Officer- Branches of bank were spread over many districts, Assessing Officer (TDS) of district, where in Head Office was situated, had no jurisdiction in respect of branches spread over other districts. [ S.133A, 201, 260A ]

S. 179 : Private company – Liability of directors – There was nothing on record to suggest that tax dues could not be recovered from company and same could be attributed to any gross neglect, misfeasance or breach of duty on part of assessee in relation to affairs of company, impugned recovery proceedings deserved to be quashed .

S. 153C : Assessment – Income of any other person – Search- Cash receipts- No payments were made in relevant assessment year- , impugned addition made in assessment year- Deletion of addition is held to be justified . [ S.69A ]

S. 147 :Reassessment -Salaries paid to employees – Reconciliation statement was filed – Reassessment proceedings was quashed .[ S.37(1), 148 ]

S.147: Reassessment-After the expiry of four years- Capital gains- No failure on the part of assessee to disclose truly and fairly material facts – Reassessment is held to be bad in law . [ S.50C 54B , 148 ]

S. 115JB : Book profit – Provision for diminution in value of investment- Written off in the books – Addition cannot be made to book profit . [ S. 115JB(2)(i), Accounting Standard (AS) 13 ]

S. 92C:Transfer pricing – Arm’s length price – Commission – commission paid to Associated Enterprise at rate of 7.84 per cent as against 11 per cent paid to unrelated party was at ALP- Deletion of addition is held to be valid .