S. 80P : Co-operative societies-Business of Banking and disbursement of agricultural loans-Assessing Officer director to examine each loan disbursement to determine its purpose-Matter remanded. [S. 80P(2)]

S. 80IA : Industrial undertakings -Initial Assessment year-Option given by CBDT to assessee to choose initial Assessment year-Prior period depreciation on investment in premises. [S. 80IA (4)(iv)(a) , 119]

S. 80IA : Industrial undertakings-Infrastructure development- Development, Maintenance and operation of Industrial Park. [S. 80IA(4)(iii)]

S. 80IA : Industrial undertakings-Infrastructure development-Container freight station-Eligible for deduction. [S. 80IA(4)]

S. 69 : Unexplained investments-Agricultural activity-Purchase of property-Addition is held to not justified. [S. 147, 148]

S. 68 : Cash credit-Cash deposited in bank account-Peak credit-Failure to decide the source of deposit and purpose of withdrawal-Not entitle to benefit of peak credit.

S. 68 : Cash credits-Share premium-Valuation report was filed- Assessing Officer failing to examine bank accounts from where investment routed to investigate creditworthiness of creditors, identity of subscribers and genuineness of transaction-Deletion of addition is held to be justified.

S. 43B : Deductions on actual payment-Payment of Employees’ contributions to provident fund beyond period stipulated-Allowable as deduction.

S. 43A : Rate of exchange-Foreign currency-Loss on conversion of outstanding foreign exchange currency into Indian rupees at end of year on account of outstanding unsecured loans-Matter remanded to Assessing Officer to examine facts whether loss was on capital account or revenue account. [S. 254(1)]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Discount offered to distributors for promotion of sales-Not commission-Not liable to deduct tax at source-No disallowances can be made-Trade discount allowable as business expenditure. [S. 194H]