S. 92C: Transfer pricing – Comparables – Assessee is not barred in law from withdrawing from its list of comparables during assessment which were included by the assessee during benchmarking.

S. 68 : Cash credits – Credit entry in bank account of third party- Credit cannot be treated as undisclosed income in absence of evidences corroborating statement of parties .[ S.131 ]

S. 55 : Capital gains – Capital receipt -Cost of improvement – Cost of acquisition – ‘Know-how under development’ does not created a right – If the know-how is not registered, no rights are conferred – Cost of acquisition of will be not ascertainable-As computation mechanism fails, capital gains will not be chargeable.[ S. 35, 41(3) ,45, 55(2)(a) ]

S. 37(1) : Business expenditure – Disallowance of part of employee benefit expenses is held to be not justified.

S. 37(1) : Business expenditure – Ad hoc disallowance- Promotion expenses- Disallowance on Ad hoc basis is held to be not valid – . Disallowance of part of Salary and wages is held to be not justified .

S. 36(1)(iii) : Interest on borrowed capital – Deletion of interest disallowed in reassessment where disallowance under assessment was made and the majority of the interest free advances were given at the end of the year. [ S.147, 148 ]

S. 36(1)(iii) : Interest on borrowed capital – Sufficient own funds -Interest cannot be disallowed.

S. 14A : Disallowance of expenditure – Exempt income – Disallowance cannot be made in absence of exempt income . [ R.8D ]

S. 11 : Property held for charitable purposes – Object of general public utility – Activity for planned urban development is not hit by proviso to section 2(15)- Entitled to exemption .[ S.2(15) ,12A ]

S. 10(33) : Capital asset –Tax avoidance- Loss on redemption of units – Short term capital loss is allowed to be set off – Denial of exemption on dividend is held to be not valid. [ S.2(14) , 94(7) ]