S. 145 : Method of accounting – Bank- Valuation of shares and securities of public Ltd Companies -Books at cost and in the return cost or market value which ever is less- changed method of valuation of closing stock i.e. cost or market price whichever was lower would determine income/loss correctly- Order of Tribunal was set aside .

S. 144C : Reference to dispute resolution panel – Foreign company -Order in remand proceedings – Even in partial remand proceedings from the Tribunal, the Assessing Officer is obliged to pass a draft assessment order under section 144C(1) of the Act-Order passed without passing a draft assessment order being violative of provisions of section 144C(1) is set aside .[ S.92C, 144C(1), 254(1)]

S.143(3): Assessment – Revised return- Claim made under wrong provision , if necessary facts are available , the Assessing Officer can consider the claim though no revised return was filed-Alternative claim not raised in return can be claimed if necessary facts are on record. [ S.139(5) ]

S. 139AA : Return of income – Quoting of Aadhaar Number – CBDT issued a Press Release dated 27-3-2018 which extended time to link PAN with Aadhar number, while filing Income-tax return from 31-3-2018 to 30-6-2018 – Two High Courts on basis of said press release had directed for accepting ITRs without Aadhar No. and no attempt was made to vary said orders by department -Thus, department should accept returns if uploaded on or before 30-6-2018 without Aadhar Number, Aadhar Enrollment or any linkage with PAN details and in case system does not accept returns of income they are at liberty to file their return of income in physical form with jurisdictional Assessing Officer on or before 2-7-2018 [ R. 12(3) ]

S. 127 : Power to transfer cases – Kolhapur to Mumbai -On facts, mere ‘Absence of dissenting notice’ from officers of equal rank who had to agree to proposed transfer, would not constitute agreement-Order of transfer of case was set aside.[ S.127(2)(a) ]

S. 92C : Transfer pricing – Arms’ length price –Mere observation of the Tribunal that the assessee being a newly established undertaking in free trade zone which is claiming deduction under S. 10A, provisions of Chapter X regarding Transfer Pricing ought not to have been applied -Court held that no reversal of finding of Assessing authority by the Tribunal hence appeal is not maintainable . [ S. 92C(4), 254(1),260A ]

S. 80IB(10 :Housing projects- Local authorities could approve a housing project along with commercial user to extend permitted under DC Rules /Regulations framed by respective local authority -When local authorities approve the project as housing project – Deduction cannot be denied

S. 80IB : Industrial undertakings – Manufacture – Ayurvedic medical products- Filling of mushroom powder in gelatin capsules after following specified process amounts to manufacture or production of commercially distinct commodity -Entitle to deduction .

S. 80G : Donation -Donation to a charitable trust for applying the same for air-conditioning of a town hall owned by local authority- As the charitable trust merely acted as agent of assessee in carrying out air condition of hall and there was no donation made by assessee which could be applied for charitable purposes for which the trust was established – Claim is not allowable as deduction .[ S.37(1) ]

S. 72 : Carry forward and set off of business losses – Dividend – where investments were business investments, carried forward business loss could be set off against dividend income earned from such business investment as even though dividend was classified under separate head, but same was very much part of income from business.[ S.56 ]