S. 80P : Co-operative societies – Interest on statutory reserves —Deduction denied without speaking order — Assessment orders held to be not valid- Mutuality- Whether principle of mutuality is applicable or not is pending before Supreme Court hence the assessees had to file a statutory appeal before the CIT (A)-.Directed to file appeals [S.143(3) , Art .226 ]

S. 80P : Co-operative societies – Member – Share holding member and associate member – Assessing Officer cannot draw distinction between shareholding members and associate members — Entitle to deduction [S.80P(4)(b) , Tamil Nadu Co-Operative Societies Act, 1983, S. 2(16) ]

S. 80P : Co-operative societies – Amount transferred to reserve fund which were invested in approved securities — Interest earned is entitled to – Matter remanded. [S.80P(2)(d), West Bengal Co-operative Societies Act, 2006, S 79, 82 ]

S. 80IB(10) : Housing projects- Completion of project within specified time —Certificate of registered certified Architect sufficient. [ S.147 , Karnataka Municipal Corporations Act, 1976. S.310 ]

S. 80HHC : Export business -Computation of profits — Common Expenditure for eligible and non-eligible units — Expenditure to be apportioned.

S.80HHC: Export business -Export turnover Fluctuation in foreign exchange rates —Part of export turnover and total turnover [ S.80HHC (2) Art , 226 ]

S. 69C : Unexplained expenditure – Capitation fee paid to medical college for admission of assessee’s son — Source not explained satisfactorily- Addition is held to be justified .

S. 69C : Unexplained expenditure -Presumption as to documents seized from third party of drafts on Foreign Bank in name of company — Documents not seized from possession of assessee —Amount of draft cannot be treated as unexplained expenditure. [ S. 132, 292C ]

S.68: Cash credits —Must prove identity of creditor, Creditworthiness and genuineness of transaction — Source of source need not be proved — Duty of Income-Tax Authorities to conduct enquiry —No Enquiry by Income-Tax Authorities — Addition not justified .

S.45:Capital gains- Business income — Non-Banking financial Institution — Conversion of shares and securities held as stock-in-trade into investment — Sale of shares — Income cannot be assessed as business income [ S. 4, 28(i)]