S. 250 : Appeal-Commissioner (Appeals)–Ex parte order-Order passed without giving opportunity of being heard was in violation of principle of natural justice- Matter remanded. [S.254(1) ITAT R. 28]

S. 115JB : Book profit- Not following the Accounting standard –AO Must modify the book profit as per Accounting Standards as per provisions of Companies Act.

S. 115A : Foreign companies–Tax–Royalty–In terms of technology license agreement entered into by assessee an Italy based company with its Indian AE effective from 1-04-2008, being covered by sub-clause (AA) of section 115A(1)(b), rate of tax on royalty recieved by assessee will be 10.50 per cent-DTAA- India Italy. [S.90(2), 195A]

S. 72A : Carry forward and set off of accumulated loss– Amalgamation-Not specified at to how those conditions were not met-Allowed to be set off.

S. 56 : Income from other sources-Joint venture company of Central and State Government-Metro Rail project-Fixed deposit with Bank – Not assessable as income from other sources [ S.4 ]

S. 36(1)(iii) : Interest on borrowed capital–Advance to sister concern- Sufficient own interest free funds-Presumption would arise that advances made by assessee to its sister concern were out of interest-free funds – No disallowances can be made.

S. 14A : Disallowance of expenditure-Exempt income–No exempt income during assessment year–No disallowance can be made .[ R.8D.

S. 11 : Property held for charitable purposes-Salary paid to trustee-Exclusively working for trust–Earlier years accepted – Denial of exemption is held to be not valid. [S. 12A, 13(1)(c)]

S. 45: Capital gains- Transfer – Possession was handed over –Subsequent termination of contract by mutual consent and returned back the sale consideration received- Liable to capital gains tax in the year of handing over of possession of property [ S.2(47)( v), Transfer of Property Act,1929, S.53A,Registation Act 1908, 17(1A) ]

S. 271G : Penalty – Documents – International transaction – Transfer pricing -No adjustment was made – Failure to furnish documents -Filed belatedly – Levy of penalty is held to be not justified [S. 92CA, 273B]