S. 72A : Carry forward and set off of accumulated loss and unabsorbed depreciation – Amalgamation – revised return after order form High Court – Entitled to set off and carry forward of accumulated losses and unabsorbed depreciation [ S.2(19AA) , 32(2) ,72A(4) , 139(3) ]

S. 69B : Amounts of investments not fully disclosed in books of account – Survey -Hotel business- Telescoping- Entitle to Depreciation on eligible on hotel building- Matter remanded . [ S.133A ]

S. 69B : Amounts of investments not fully disclosed in books of account –Valuation of buildings — Difference between value estimated by valuation Officer and that stated by assessee Being Less than 15 Per Cent. — No addition could be made. [ S.132 ]

S. 69A : Unexplained money – Cash balances – Seized material – Matter remanded [ S. 132(4A) 153A ]

S.68 : Cash credits – Income from undisclosed sources — Ex parte Assessment — Loan —Creditor showing very low income not a determinative factor for determining creditworthiness of creditor — Addition held to be not justified .[ S.144 ]|

S.43B: Deductions on actual payment – Prior period expenses — Depositing Employees’ State Insurance payment for earlier year and for relevant assessment Year —Allowable in year in which actually paid [ S.37(1) ]

S. 40(a)(ii) : Amounts not deductible – Rates or tax – Education cess is allowable as deduction .

S.37(1): Business expenditure — Rent expenses —Allowable as revenue expenditure .

S.28(i):Business loss -Speculative business – Loss on forward booking of foreign exchange — Transaction not speculative in nature -Allowable as business loss [ S.43(5)(a) ]

S.28(i) : Business income -Income from other sources – interest earned from investments with treasuries and banks was part of the banking activity of the assessee, and was eligible to be assessed as income from business [ S.56 ]