S. 254(2) : Appellate Tribunal-Rectification of mistake apparent from the record-Delay in filing miscellaneous application two years 11months-No specific power conferred on Tribunal to condone delay in filing miscellaneous applications-Miscellaneous applications dismissed.

S. 251 : Appeal-Commissioner(Appeals)-Powers-Power of enhancement-Short term capital gains-No power to assess new source of income. [S. 45]

S. 195 : Deduction at source-Non-resident-Other sums-Income Deemed to accrue or arise in India Purchasing spare parts through Indian subsidiary-Business connection is established-Liable to deduct tax at source. [S. 9(1)(i)]

S. 192 : Deduction at source-Salary-Employee stock ownership plan-Stock option not perquisite-Not taxable-No liability upon assessee to deduct tax at source. [S. 17]

S. 147 : Reassessment-Non-Resident-No jurisdiction-Transfer of proceedings to competent jurisdiction-No notice was issued by Assessing Officer of competent jurisdiction-Reassessment not valid-Void ab initio. [S. 127, 148]

S. 147 : Reassessment-After the expiry of four years-Accommodation entry-No failure to disclose material facts-Reassessment is held to be bad in law. [S. 148, ITAT R. 27]

S. 145 : Method of accounting-Valuation of stock-Bank-Premium paid at time of purchase of securities-Valuation of securities held to maturity category at cost-Followed consistently-Addition is held to be not justified-Loss on shifting of securities from held for trading and available for sale categories to held to maturity category-allowable as business loss. [S. 28(i)]

S. 143(3) : Assessment-Business income-Joint Development Agreement-Percentage of completion method-Entries in books of account-No addition could be made based on difference between Form 26AS and amount shown in profit and loss account. [S. 28(i), 194A]

S. 143(3) : Assessment-Income from undisclosed sources-Short-term capital loss-Bogus transaction-Denial of opportunity of cross examination-Disallowance not solely on basis of statement of persons but on other corroborative materials-Denial of opportunity to cross-examine and mentioning wrong section would not render the assessment order null and void. [S. 68, 69C]

S. 143(3) : Assessment-Same turnover cannot be taxed in hands of two different assesses-Addition unsustainable-AO is directed to adopt Profit ratio of eight Per Cent as net profit on gross receipts [S. 147, 148]