S. 147: Reassessment –Change of opinion-Since there was no material on record to indicate that there was a failure on part of the assessee to disclose fully and truly relevant material during original assessment proceedings, initiation of reassessment proceedings was without jurisdiction. [ S.80IA(4), 148 ]
S. 145: Method of accounting – Mere non-maintainence of stock register could not form the basis of rejection of books of accounts
S. 112 : Tax on long term capital gains -Foreign company on long-term capital gains arising on sale of equity shares of an Indian company being listed in securities, will be 10 per cent (plus surcharge and cess) of amount of capital gains as per proviso to S. 112(1)-DTAA- India -Japan [ S.45, Art. 4,13 ]
S. 80IB: Industrial undertakings – Interest Subsidy – Revenue subsidies received by the assessee towards reimbursement of cost could be said to have direct nexus with profits and gains of industrial undertaking and eligible for deduction.
S. 80IB: Industrial undertakings – Manufacture –Process of galvanization amounted to ‘manufacture’ since the resultant product is a different commercial commodity having distinct use and is sold at a higher price.
S.48:Capital gains – Computation – Expenses incurred towards fees for computerization of share certificates in order to transfer them to escrow account is allowable as deduction .[ S.45, 112 ]
S. 43B : Deductions on actual payment -Unutilised MODVAT credit representing excise duty paid of raw material/input at the end of year cannot be allowable as deduction
S. 43B: Deductions on actual payment – Employees provident fund -No disaalowance can be made , if deposted prior to due date of filing of return [ S.139(1)]
S.37(1):Business expenditure –Bank- Provision for interest on over due deposits being ascertained liabilities which is crystallised during the relevant previous year is held to be allowable as deduction [ S.145 ]
S. 11 : Property held for charitable purposes – Application of income -Wrirte back of depreciation was allowed to be carried forward for application of income of subsequent years [ S.32 ]