S. 45 : Capital gains –Investment in foreign exchange – Deduction of tax at source- Principally- Taxation of business profits was expressly dealt with by article, those business profits could not be taxed in source jurisdiction for want of satisfying fundamental condition precedent for its taxability, i.e., existence of a PE in source jurisdiction – DTAA-India -Spain [ S.56 , Art . 7, 14(1) (14(5) ,23 (3) ]

S. 268A : Appeal-Monitory tax effect less than of Rs. 1 crore-Appeal dismissed. [S. 260A]

S. 264 : Commissioner-Revision of other orders-Capital gains-Sale of agricultural land-Order set aside-Matter remanded to the Assessing Officer [S. 45, 54B, Art. 226]

S. 254(1) : Appellate Tribunal-Powers-Remand-Fresh claim Wholesale remand for framing a fresh assessment,-Assessing Officer could not deny to evaluate fresh claim raised by assessee during remand assessment proceedings. [S. 144]

S. 194C : Deduction at source-Contractors-Payment to cable operators for channel fee-Liable to deduct tax at source under section 194C and not under section 194C of the Act. [S. 194J]

S. 192 : Deduction at source-Salary-Failure to deposit tax deducted at source-Rectification application-Directed the Assessing Officer to consider the rectification application and pass orders on merits in accordance with law. [S. 143(3), 154, 199, Art. 226]

S. 148 : Reassessment-Objections raised and the Assessing Officer has to pass reasoned order-Challenge of notice is held to be not valid. [S. 147, Art. 226]

S. 147 : Reassessment-One-time settlement with banker-Capital or revenue-Considered during original scrutiny assessment proceedings-Change of opinion-Reassessment is bad in law. [S. 4, 148, 260A]

S. 147 : Reassessment-After the expiry of four years-Share capital-Change of opinion-Existing share holders-Subject matter of regular assessment-Reassessment notice is held to be bad in law. [S. 68, 148 Art. 226]

S. 144 : Best judgment assessment-Defective return-Order passed without issuing show cause notice or intimation-Principle of natural justice is violated-Matter was to be restored to Assessing Officer for afresh consideration. [S. 139(9), Art. 226]