S. 28(i) : Business Loss-Embezzlement of cash by director- Recovery of amount or outcome of pending criminal prosecution against director before Metropolitan Magistrate is irrelevant– Allowable as deduction. [S. 36(2), 37(1)]

S. 28(i) : Business loss-Bank guarantee-Loss due to encashment of bank guarantee is allowable as business loss.

S. 12AA : Procedure for registration–Trust or institution-Execution of contract with Railways for cleaning coaches is not charitable purpose-Employment of poor persons would not make it charitable-Cancellation of registration is justified.[S. 2(15)]

S. 11 : Property held for charitable purposes-Amount spent on acquisition of capital assets – Allowed as deduction-Depreciation on such assets is also allowable. [S. 32]

S. 10B : Export oriented undertakings-Manufacture or production- Conversion of benzarone crude to benzarone pure constitutes manufacture-Entitled to exemption-Conversion of benzarone crude to BFX-P is not manufacture-Not entitled to exemption.

S. 10A : Free trade zone–Export through third party-Entitle to deduction.

S. 5 : Scope of total income–Accrual-Method of accounting- Amount retained under contract to ensure there are no defects in execution of contract–Amount retained did not accrue hence cannot be taxed on accrual basis. [S. 145]

S. 183 : Payment of tax–Failure to pay third instalment – Rejection of application was held to be not justified – Permitted assessee to deposit tax under Income Declaration Scheme belatedly subject interest @ 12%. [IDS, S. 196 IT Act, 119(2)]

S. 268A : Appeal–Instructions–Tax effect below Rs. 50 lakhs- Mandate issued by CBDT in circular No. 3, dated 11-7-2018- Binding on revenue-Appeal was dismissed on ground of low tax effect. [S. 260A]

S. 268A : Appeal–Instructions-Low tax effect–Instruction No 3 dt. 9-2-2011-Neither binding on Tribunal nor Tribunal-Board cannot direct the Court or Tribunal to compel litigants to withdraw appeal due to low tax effect. [S. 254(1)]