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 ]

S. 43D : Public financial institutions – Mercantile system of accounting — Co-Operative Bank — Interest on non-performing assets cannot be recognised on accrual basis — Assessee bound by Reserve Bank of India guidelines.[ S.145]

S. 43(5) : Speculative transaction –Hedging-High sea sales –Not speculative-Allowable as business loss [ S.28(i)]

S.32: Depreciation — Additional depreciation — Manufacture –Ready mix concrete is an article which has been manufactured — Entitled to additional depreciation on plant and machinery used in manufacture of ready mix concrete . Transit Mixer and Trucks used to transport ready mix concrete whether plant and machinery involved in manufacture of ready mix concrete is question to be decided by Tribunal — Matter remanded. [ S.32(1)(iia) ]

Interpretation of taxing Statutes — Entries — Depreciation-Precedent – If a particular article would fall within the description by the force of the words used, it is impermissible to ignore the word description. Ratio in Bimetal Bearings Ltd. v. State of Tamil Nadu ( 1991) 80 STC 167(SC)