S. 80IB : Industrial undertakings-Search and seizure-Manufacturing expenses-Bogus purchases-Statement retracted Customs, Excise and Service Tax Appellate Tribunal holding that the assesses engaged in genuine purchases and manufacturing activities-Entitled to deduction.[S.153A]

S. 80IA : Industrial undertakings-Enterprises engaged in infrastructure development-Developer and contractor-Work of irrigation project and construction and development of road-Not works contractor but developer undertaking projects of Infrastructure Facility-Organisations awarding contracts were 100 Per Cent. owned by State Government-Entitle to deduction-Interest income-Only net interest income to be excluded.[S.80-IA(4A), 80IA(13)]

S. 69B : Amounts of investments not fully disclosed in books of account-Survey-Payment in cash purchase of land-Addition is made in the hands of director-Addition cannot be made in the hands of the company.[S.133A]

S. 69B : Amounts of investments not fully disclosed in books of account-Excess stock-Survey-Amount cannot be treated as unexplained investment-Taxable as business income.[S.133A]

S. 68 : Cash credits-Remittance from its Singapore based holding company-Source of the source not required to be proved-Addition is not justified.

S. 68 : Cash credits-Agricultural income-Agricultural income is not disputed-Cash deposits cannot be assessed as cash credits. [S.10(1)]

S. 68: Cash credits-Credit worthiness of parties proved-Addition is deleted.

S. 68 : Cash credits-Share application money-Documents and confirmation letter filed, received through banking channels-Genuineness of transaction proved-Addition is not justified.

S. 68 : Cash credits-Unsecured loans-Identity, creditworthiness of lender and genuineness of transaction proved beyond doubt-Addition is deleted.

S. 54F : Capital gains-Investment in a residential house-Capital asset-Receipt on relinquishment of assessee’s share in firm-Liable to capital gains-Reinvestment on residential flat allowable deduction. [S. 2(14), 45]