S. 132A : Powers-Requisition of books of account-Cash undisclosed seized by Excise Authorities-Deposited with Judicial Magistrate-Order giving only part of cash to Income-Tax Authorities-Not valid. [S. 131, Code of Criminal Procedure, 1973, S. 451]

S. 132 : Search and seizure-Deputy Commissioner to issue Directions to Assessing Officer-Direction is valid-Cash seized-Voluntary sworn statement unsubstantiated by evidence by third person claiming ownership not sufficient-Addition of amount as undisclosed income of assessee-Justified. [S. 69A, 132(4A)(i), 144A, 153A, 292C, Art. 226]

S. 80IB(10) : Housing projects-Transactions entered into with buyers of flats before introduction of clauses (e) and (f) of section 80IB(10)-Eligible for deduction-Amendment with effect from April 1, 2010 has no application for AY. 2010-2011.

S. 44 : Insurance business-Life insurance Business-Section 44 read with Rule 2 of Part A of First Schedule is applicable and not Rule 5 of Part B.

S. 43B : Deductions on actual payment-Interest-The payment of interest had been made by issue of fully paid up shares to ICICI-Ltd-Disallowance of interest is not justified. [S. 260A]

S. 37(1) : Business expenditure-Fines-Penalty-Not compensatory in nature-Not allowable as deduction. [Kerala General Sales tax Act, 1963, S. 45A]

S. 37(1) : Business expenditure-Capital or revenue-Leasing business-Foreign currency loan-Finance Indian enterprises in acquisition of Plant, Machinery and equipment-Enterprises In Acquisition of Plant, Machinery And Equipment-Loss due to fluctuation in foreign exchange rates-Allowable as revenue expenditure. [S. 32, R.115]

S. 37(1) : Business expenditure-Capital or revenue-Leasing business-Foreign currency loan-Finance Indian enterprises in acquisition of Plant, Machinery and equipment-Enterprises In Acquisition of Plant, Machinery And Equipment-Loss due to fluctuation in foreign exchange rates-Allowable as revenue expenditure. [S. 32, R.115]

S. 28(i) : Business income-Income from lease-Exploitation of property and not exploitation of business assets-Assessable as income from other sources-Quality loss-No business carried on-Not allowable as deduction. [S. 2(14), 56]

S. 13 : Denial of exemption-Trust or institution-Benefit of specified persons-Valuation of rent-Burden to prove inadequacy of rent is on Department-Rent received exceeded valuation adopted by Municipal Corporation for purpose of levying house tax-Merely relying upon the opinion as to rent from property broker firms and websites additions cannot be made-Order of Tribunal is affirmed-Res Judicata-Rule of consistency is followed. [S. 11, 12, 13(2)(b), 13(3)]