S. 251 : Appeal – Commissioner (Appeals) – Powers –Enhancement- Notional trading loss-Set –off against income under different head –Enhancement on the basis of annual report and statement enclosed to return cannot be considered as new source of income – Disallowance of notional trading loss by valuing shares at lesser amount without any basis and also set-off said loss against income under different head- Enhancement and disallowance is held to be justified . [ 73 ]

S. 197 : Deduction at source – Certificate for lower rate –When tax was deducted on the basis of certificate issued by the AO ie on handling and transport charges under S.194C and on, ware housing charges under S.194I, the ITO (TDS) was unjustified in holding assessee in default for short deduction of tax on grounds that assessee was liable to deduct TDS on entire amount under S.194I.[ s.194C, 194I, 201 ]

S. 145 : Method of accounting –Project completion method-Land owner-Project completion method consistently followed by the assessee cannot be rejected on the ground that the percentage completion method is followed by its developer . [ AS.7 ]

S. 153A : Assessment – Search- Set -off of brought forward loss- No incriminating material was found in course of search relating to those expenses, claim raised by assessee was to be allowed. [ S.132 ]

S. 124 : Jurisdiction of Assessing Officer – Reassessment – Survey-Notice was issued by Joint Commissioner – Objection was not raised within time provided under section 124(3)(b) from date of issuance of said notice, jurisdiction of Joint Commissioner stood confirmed- Since Assessing Officer had completed reassessment with presumption that assessee did not have registration under section 12AA, however, fact remained that assessee was granted registration under section 12AA, issue in assessment orders was to be re-adjudicated afresh after considering registration granted to assessee under section 12AA .[ S.12AA, 120 , 148 ]

S. 115JAA : Book profit – Deemed income – Tax credit – Amount of MAT tax credit available from earlier year, inclusive of surcharge and education cess etc., should be reduced from amount of tax determined on total income of current year after adding surcharge and education cess, etc. [ S. 234B, 234C ]

S.115BBE: Tax on income referred in section 69-Survey -Surrender of excess stock – Prevailing price of gold had fallen as on 31-3-2013- Unexplained investments – Loss is allowed to be set off against income disclosed in the course of survey -Provision is applicable with effect from 1-4-2017 which h is prospective and not prior to that -Remanded for verification whether entire excess stock found in the course of survey remained unsold as on 31-03 -2103 .[ S. 69 , 133A ]

S. 72 : Carry forward and set off of business losses -Business loss incurred in earlier year could not be set off against income under head income from other sources during relevant year- However, current year’s operational expenditure is to be allowed as set-off as per the provisions of the Act . [ S. 37(1), 56, 70, 71 ]

S.68: Cash credits- Sale of furniture -Cost was very less- Amount shown more for sale of furniture to evade stamp duty- Parties admitted that exchange of some furniture was involved but cost involved was much lesser than amount shown by assessee – Excess amount shown on sale of furniture is held to be assessable as cash credits .[ S. 2(14)(ii),45 , 54, 131 ]

S. 54B : Capital gains – Land used for agricultural purposes – Capital gain utilized towards purchase of new asset before furnishing of return of income belatedly under section 139(4) would be entitle to deduction . [ S. 45, 139(4) ]