S. 10A : Free trade zone–Deduction is to be allowed before allowing set off of looses of earlier years–Expenses reduced from export turn over has to be reduced from total turn over.

S. 10A : Free trade zone-Loss of another unit cannot be set off against the profit of unit eligible for deduction.

S. 10(23C) : Educational institution-Child education-Annual receipts from fee, interest and addition as cash credits exceeded Rs one crore–Prior approval was taken by CCIT–Denial of exemption is held to be justified. [S. 10 (23C)(iiad), 68]

S. 28(i) : Business loss – Loss on revaluation of permanent category investments – Held to be allowable as business loss [ S.260A ]

S.28(1): Business loss – Lawyer- Foreign exchange loss-Cash system of accounting -No addition is warranted [ S.145 ]

S. 68(2) : Certificate issued under scheme final-Amount mentioned in certificate cannot be assessed as undisclosed income. [S. 158BC, 158BD]

S. 281B : Provisional attachment-Recovery of tax-Over 21 Per Cent. of demand already collected-Assessments concluded-No justification to continue with provisional attachment. [S. 226(3)]

S. 277 : Offences and prosecutions-False statement–Verification– Search-Additions made in block assessment based on discrepancy in stocks —Prosecution is not valid. [S. 132, 136, 158BC, 276C(1), 278B, CRPC, 1973, S. 482, IPC 193]

S. 276B : Offences and prosecutions-Failure to pay to the credit tax deducted at source–No reasonable cause was shown for delay -Launching of prosecution is held to be valid. [S.201, 278AA, 279]

S. 271B : Penalty-Failure to get accounts audited–Audit report was available with AO on date of completion of assessment–Reasonable cause–Penalty not warranted. [S. 273B]