S. 127 : Power to transfer cases–Recording of reasons–Non application of mind -Reason must disclose that patently, logic and prudence has been applied before passing the order– Decentralisation of central charges cannot constitute sufficient reason to transfer the cases.
S. 80IA : Industrial undertakings – Infrastructure development-
Container Freight Station (CFS)- Eligible for deduction.
S. 68 : Cash credits–Deposits from members of pubic-PAN numbers, address and particulars relating to cheques were furnished-Assessing Officer has not further enquiry- Deletion of addition by the Tribunal was held to be justified.
S. 45 : Capital gains- Business income- Set of off loss from one transaction against gain form second transaction is held to be allowable. [S. 28(i)]
S. 36(1)(vii) : Bad debt–Waiver of right to receive sale consideration from director and family members–Avoid deadlock in management-Family settlement–Partition recognised u/s 171–Allowable as bad debt [S. 171]
S. 28(i) : Business loss-Trading loss-Purchase and sales through commission agent-Loss held to be non -genuine -Disallowance is held to be justified–CIT(A) can consider the record relating to past assessment, while deciding the appeal. [S. 250, 260A]
S. 12AA : Procedure for registration –Trust or institution-Not carrying on any charitable activity during the relevant period cannot be the ground to cancel registration. [S. 12A]
S. 10(34) : Dividend–Domestic companies-Tax on distribution of profits–Exemption cannot be denied to receiver of dividend, though the payer company had not paid tax on dividend distribution under section 115-O of the Act. [S. (22)(d), 115-O]
S. 13 : Denial of exemption-Trust or institution-Investment restrictions – Exemption cannot be denied unless the revenue proves that amount paid to persons referred in sub -section (3) of section 13 is in excess of what may be reasonably paid for services rendered . [ S.11, 12AA]
S.28(i): Business loss – Main object of the company – Infrastructure- Amended clause to carry on business of shares futures and options- Speculation- Futures and options- Amendment in object clause to carry on business in futures and options- Loss is allowable as business loss [ S. 43(5,73 ]