S. 10B : Export oriented undertakings–Interest free funds- Artificially imputing non-existent interest costs and denying deduction to the assessee was held to be not justified. [S.10B(7), 80IA(10)]

S 10(13A) : Exemption—Special allowance—House property loss— Employees claiming interest on housing loan and also exemption on account of house rent allowance are governed by two independent provisions-Entitle exemption. [S. 22, 192]

S. 4 : Charge of income tax–Capital or revenue-Subsidy-Additional Admitted -Excise duty refund and interest subsidy received from Government for setting up of an industry in the backward area was to be treated as a capital receipt. [S.28(i), 254(1)]

S. 12AA : Procedure for registration –Trust or institution- Registration cannot be refused on the ground that all initial trustees had taken citizenship of foreign country – Order of CIT(E) rejection of registration and application u/s 80G is set aside .[S.80G ,FEMA , 1999, S.6(5), Indian Trust Act 1882 , S 10,.60, 73 ]

S. 271AA : Penalty – Failure to keep and maintain books of accounts –Documents – International transaction – Transfer pricing – failure to maintain books of account as per rule 10D and failure to furnish documents u/s 92D(1) –No reasonable cause – Liable to penalty [S. 92D, 271G, 273B, Rule 10D]

S. 153A : Assessment – Search- Share Capital and Share premium – Statement recorded- No incriminating material was found in the course of search – Order is bad in law . [S. 68,132,132(4) ]

S. 36(1)(iii):Interest on borrowed capital – Loan taken for purchase of shares – Shares held as stock in trade – Business expenditure – Accepted in earlier year – Allowable as deduction- Department cannot take a different stand . [S. 37(1)]

S. 28(i): Business income -Agricultural income- Contract of growing and transporting grass – Growing and extracting grass – Agricultural Income – Transporting and relaying grass – Service – Business income. [ S. 2(1A),10(1)]

S. 11: Property held for charitable purposes-Dividend income – Income can be taxed if the investment is in violation of the provision -Exemption cannot be denied to the Trust in respect of other income .[ S. 11(5), 12AA,13(1)(d)]

S. 147: Reassessment -After the expiry of four years -If the AO is of the opinion that the issue requires verification, it tantamounts to fishing or roving inquiry. He is not permitted to reopen merely because in the later year, he took a different view on the basis of similar material-.Even if the question of taxing interest income under the DTAA was not in the mind of the AO when he passed the assessment, he cannot reopen if there is no failure to disclose truly and fully all material facts- Reassessment is held to be not valid-DTAA-India -Cyprus . [ S.148,, Art. 11(2). ]