S. 119 : Central Board of Direct Taxes-Refund claims and carry forward the losses-Delay in filing of return-Refusal to condone the delay would cause genuine hardship to assessee-Rendering substantial justice is the paramount consideration of the Courts as well as the authorities rather than deciding on hyper technicalities.[S. 139(9)]

S. 115O : Domestic companies-Tax on distributed profits–Charging section–No need for issuance of notice before making a demand– Profits distributed to share holders is deemed to be dividend- Reduction on share capital can be effected by buying back shares –Advance Ruling cannot be given if an enquiry is pending against the assessee-Writ will not normally be issued if there is alternative remedy. [S. 2(22), 245R, Art.226]

S. 80IA : Industrial undertakings-Two manufacturing units-Deduction at 30% of eligible business–Not on total income.[S. 80AB]

S. 80IA : Industrial undertakings–Interest on bank deposits do not constitute business income for claiming deduction.

S. 80HHC : Export business-Deduction is allowable on the basis of finally assessed income.

S. 73 : Losses in speculation business-Non-Banking financial Institution advancing Loans and making investments-Not speculative transactions-Loss is allowable to be set off. [S. 28(i)]

S. 68 : Cash credits-Transactions found to be genuine—Deletion of addition is held to be justified.

S. 68 : Cash credits-No explanation was furnished–Civil proceedings would not regulate the assessment under the Income-tax Act-Tribunal remanding the matter is held to be erroneous-Addition as cash credit is valid. [S. 254(1)]

S. 43A : Rate of exchange-Foreign currency-Actual cost-Gains earned on cancellation of forward contracts-Capital in nature and liable to be capitalized towards cost of machinery. [S. 43(1)]

S. 37(1) : Business expenditure-Contribution to Employees welfare Trust–Allowable as business expenditure. [S. 36(1)(iv), 36(1)(v), 40A(9)]