S. 2(22)(e) : Deemed dividend-Advances received from company-Two partners are shareholders with substantial interest-Accumulated profits-Not able to substantiate that the advance was in the course of business-Deemed dividend for the assessment year 1998-99, had to be computed only after deducting the advances given in the earlier assessment years and accordingly the accumulated profits of the lending company had to be reduced to that extent-Order of Tribunal is affirmed.

S. 45 : Capital gains-Allotment letter-The allottee gets title to property on issue of allotment letter- the payment of instalments is only a follow¬-up action-Taking delivery of possession is only a formality- the date of allotment is the date on which the purchaser of a residential unit can be stated to have acquired the property and not on the date of registration of agreement – Assessable as long term capital gains – Entitle benefit of S. 54F. [S. 2(14),, 2(29A, 2(29B)2(42A), 54, 54F]

S. 16 : Officers and employees, salary, allowances, etc-Termination of service of employee-State Government was not competent authority to refer industrial dispute against petitioners to Industrial Tribunal- Central Government has the jurisdiction-Award passed was set aside.[ Industrial Disputes Act, 1947 S. 2(a)(i)]

S. 281B : Provisional attachment-Pendency of appeal-Stay-Directed the revenue authorities not to enforce the order until a decision is taken by the appellate Authority on stay application filed by the assessee. [Art. 226]

S. 281B : Provisional attachment–Search-Attachment of bank accounts and two immoveable properties-Tax, interest penalties were unlikely to exceed attached two immoveable properties-Directed to lift provisional attachment on bank accounts. [S. 132]

S. 281 : Certain transfers to be void–Attachment of property to recover the tax–Direction of TRO to hand over possession of property is stayed-Assessee directed to appear before TRO and adduce necessary evidence for discharging the liability. [Art. 226]

S. 271(1)(c) : Penalty–Concealment–Sale of good will and Trade of firm is held to be taxable as capital gain-Deletion of penalty is held to be justified.[S. 28(i), 45]

S. 260A : Appeal-High Court–Dismissal of revive petition is held to be valid–Order of Appellate Tribunal is affirmed in absence of demonstrated perversity in the order of Tribunal its finding. [S. 254(1)]

S. 260A : Appeal-High Court–Recalling of its earlier judgment on ground that it contained some factual inadvertent error and judgements relied on without giving an opportunity to the petitioner–Held to be valid. [S. 179]

S. 260A : Appeal–High Court-High Court disposed of appeals against order of reassessment merely on basis of its decision on issue of registration under S. 12A and not on merits-Order was to be set aside and, appeals were to be restored to file of High Court for disposal on merits. [S. 12A, 147, 148]