S. 132B : Application of seized or requisitioned assets-Search and seizure-Strictures-Return of seized cash-Inordinate delay in returning seized cash-Clear case of high handedness on the part of the officers of the Revenue-Entitled to interest on amount returned-SLP of Revenue is dismissed.[S. 132, Art. 136]

S. 119 : Central Board of Direct Taxes-Circular-Charitable Institution-Failure to file Audit report with return of income-Up loading the audit report was.2.5 years-Condonation must be given liberal interpretation-Commissioner has power to condone delay-The order rejecting the application is quashed and the delay is condoned-The Respondent is directed to pass an appropriate order in accordance with law. [S. 11, 12A, 119(2(b), Form Np 10B, Art. 226]

S. 68 : Cash credits-Burden of proof-Onus of proving identity, genuineness of transaction and creditworthiness of investors on assessee-Failure to satisfy required conditions-Order of Tribunal is affirmed. [S. 260A]

S. 32AB : Investment deposit account-Eligible business-Profits and gains of business-In accounts rental income was shown as business income-Entitle to deduction-Order of Tribunal is set aside. [S. 22,28(1), 32AB(1)(ii), 32AB(3) 260A]

S. 12A : Registration-Trust or institution-Application for registration erroneously made while charitable institution continued to be registered-Assessee is permitted to withdraw application filed inadvertently-Interpretation-Precedent-Doctrine of merger-Difference between decision of Supreme Court rejecting appeal by Special Leave and decision decided on appeal. [S.12AA, 12AB, Art.141, 226]

S.10(46):Body or Authority-Specified income-Commercial Activity-Granting loan-Agent of State Government to support to support development activities-Entitled to exemption-The order rejecting exemption under section 10(46) was quashed-The Revenue was directed to process the application for exemption made by the assessee. [S.2(15), 10(20A), 119, Art. 226]

S. 10 (23C): Educational institution-Commissioner (E) and Tribunal failed to examine objects and record finding with respect to education or educational activities of assessee-Matter remanded. [S. 10(23C)(iii), 260A]

S. 9(1)(vi) : Income deemed to accrue or arise in India-Royalty-Computer software — Payments for licensing of software products-Resale of computer software-Not taxable as royalty-DTAA-India-USA-SLP of Revenue is dismissed. [Art. 12, Art. 136]

S. 4 : Charge of income-tax-Consideration received for relinquishment of trustee ship-Not capital in nature-Assessable as income-SLP of Assessee is dismissed. [S. 45, 132, Art. 136]

S. 4 : Charge of income-tax-Capital or revenue Receipt-Preoperative expenditure pending capitalization-Interest Earned from fixed deposits of unutilised foreign external commercial borrowing loans during period of construction-Interest capitalised in the books of account-Capital receipt-SLP of revenue is dismissed due to failure to explain satisfactorily condonation of delay of 699 days in filing SLP. [S. 28(i), 56, 145,Art. 136]