S.271(1)(c ) : Penalty -Concealment -Non specification of limb in notice levy of penalty is held to be bad in law .

S. 153A : Assessment – Search -No incriminating materials found during the search and original assessment having been completed ,addition cannot be made . [ S. 132 ]

S.153A : Assessment – Search- On the date of search the company does not existed as it was merged with another company , hence the notice and assessment is held to be bad in law .

115JB : Book profits -Amount with drawn form general reserve is to be considered while arriving at book profit.

S.115JB : Book profits -Provision of doubtful debts reduced from amount of debtors, amount of write off as bad debts cannot be added to the net profit for the purpose of arriving book profit .

S. 115JB :Book profits- Retention money cannot be treated as income for purpose of book profit though the amount is credited in the P& Loss account .[S.2(24) ]

S.68 : Cash credits : Share application money – No adverse material was found in the course of search proceedings, hence addition was held to be not justified [ S.153A ]

S.68 : Cash credits – Shell companies – Share premium – AO has not investigated the financial activity of companies which have invested in shares hence the matter was remanded to the file of AO.

S. 48 : Capital gains – Computation -Tenancy rights – Value of tenancy rights to be considered for determination of cost of acquisition [ S. 45, 49,50C ]

S.44 : Insurance business – Insurance company is entitle o exemption u/s 10(34) , however S.14A cannot be invoked to disallow the expenditure . [ S.10(34), 14A ]