S. 132B : Application of seized or requisitioned assets-Seizure of jewellery and gold-Stipulated time of 120 days is directory and not mandatory. Consequence of non-release is liability to pay interest. No automatic release of seized articles on expiry of time limit [S. 132, 132B(1)(i), proviso, (4). Art.226]

S. 119: Central Board of Direct Taxes-Circular-Power vested in authority goes with duty to exercise it to advance the purpose for granting such power-Duty to exercise power in aid of enforcement of public or private right of citizen-Genuine hardship-Failure to file Form 10IC-tax New concessional rate of tax at 22 per cent-Delay ought to have been condoned. [S.115BAA(2), 119(2)(b), Art. 226]

S. 92C : Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-Most appropriate method “Any other method” Recourse only if none of other methods considered most appropriate method-Transfer Pricing Officer not recording reasons for not following transactional net margin method-Nor discussing applicability of any other method-Not justified in adopting residual method-Res judicata not applicable-But principle of consistency important.[S.92CA,260A, R. 10AB 10AB(1)(f)]

S.80IA: Industrial undertakings-Enterprises engaged in infrastructure development-Not a contractor but a developer of infrastructure facilities-Eligible for deduction-SLP dismissed on account of delay of 358 days and also on merit.[S.80IA(4), Art. 136]

S. 69C: Unexplained expenditure-Bogus purchases-Failure to appear in reassessment proceedings-Finding that the assessee had consciously and intentionally decided not to join the investigation-High Court affirmed the addition-SLP of the assessee dismissed. [S. 37(1), 147, 148, Art. 136]

S. 12A: Registration-Trust or institution-Pendency of appeal before Appellate Tribunal-Retrospective effect of circular issued by Central Board of Direct Taxes-Proviso curative and retrospective in nature to mitigate hardship and ensure fairness. Registration to operate retrospectively-Exemption allowable. [S. 11, 12, 12AA, 260A]

S. 11: Property held for charitable purposes-Exemption-Institution constituted by State for development of industrial estates and related infrastructure-Tribunal justified in holding assessee entitled to benefit of exemption [S. 2(15), proviso, 12, 13(8), 260A]

S. 11: Property held for charitable purposes-Industrial Development Corporation-Exemption-Institution constituted by State for development of industrial estates and related infrastructure-Tribunal justified in holding assessee entitled to benefit of exemption [S. 2(15), proviso, 12, 13(8), 260A]

S. 11: Property held for charitable purposes-Audit report not filed along with return-Furnishing of audit report in Form 10B is a procedural provision-Order of the Tribunal allowing the exemption affirmed. [S. 12, 143(1), 260A, Form No 10B.]

S. 11 : Property held for charitable purposes-Audit report not filed along with return-Furnishing of audit report in Form 10B a procedural provision-Order of Tribunal allowing the exemption affirmed by High Court-SLP of revenue dismissed on the ground of delay of 237 days as well as on merits. [S. 12, 143(1), Form No 10B, Art 136]