S. 4 : Charge of income-tax – Interest on bank deposits out of share capital- Prior to commencement of business operations- Interest is liable to be assesses as income from other sources- interest income would go to reduce capital cost of project and was on capital account and same could not be taxed as income from other sources [ S.56 , 145 ]

S. 281 : Certain transfers to be void – Failure by Department to bring on record service of notice under Rule 2 — Charge registered by Sub-Registrar six and a half years after sale deed registered in favour of purchaser — Order declaring transfer null and void and notice for auction of property set aside .[ S.179(1) 220, 222 SCH II, RR. 2, 16.]

S. 263 : Commissioner – Revision of orders prejudicial to revenue – Writ against notice is not maintainable , except where the Commissioner lacks jurisdiction .[ Art 226 ]

S. 263 : Commissioner – Revision of orders prejudicial to revenue – Commissioner (Appeals) — Merger- Development expenses –Commission- Orders passed by Assessing Officer was merged with order of CIT(A) – Revision order is held to be not valid

S. 230 : Collection and recovery – Tax clearance certificate – liability of the assessee was more than Rs. 400 crores.- Insistence on a tax clearance certificate for the assessee to leave the country under the first proviso to sub-section (1A) of S.230 of the Act is valid .

S. 179 : Private company – Liability of directors -Person treated as Director should be given opportunity to be heard.

S.147: Reassessment — With in four years- Deduction allowed from Income from other sources in original assessment — No new facts on record — Reassessment to withdraw deduction is not valid .[ S. 56, 57(iii), 148]

S.147: Reassessment-After the expiry of four years- Reasons recorded referring to facts already on file of Assessing Officer- —No rational and tangible nexus between reason and belief — Reassessment proceedings quashed.[ S.148 ]

S.147: Reassessment-After the expiry of four years- Shell companies-Search of third person revealing that transaction disclosed by Assessee during original assessment was bogus — Notice is held to be valid .[ S.148 ]

S.68:Cash credits — Authorities entitled to look into surrounding circumstances to find out reality — Unable to state exact purpose for which loan of Rs. 1 Crore taken and stating her husband looked after all finances —No personal or business relationship of assessee with that party — Transaction squared in next financial year would not establish genuineness of transaction — Addition is held to be justified ( Relied , CIT v .Durga Prasad More ( 1971) 82 ITR 540 (SC) / Sumati Dayal v.CIT ( 1995) 214 ITR 801 (SC) ) [ S.131 ]