S. 80IA: Industrial undertakings-Infrastructure development-Restricting the deduction by notionally brought forward losses and depreciation relating to the eligible undertaking pertaining to years prior to the initial assessment year, even though such losses and depreciation had already been set off against other business income in those earlier years, was unjustified-Section 80-IA(9) does not affect the computation of deductions available under other provisions falling under Heading “C” of Chapter VI-A . [S.80HHC, 80IA(5), 80IA(9), 80IB]

S. 69: Unexplained investments-Assessment-Violation of principles of natural justice-Reply of assessee explaining source of property purchase not considered while framing assessment-Assessment quashed and matter remanded for a fresh order after hearing assessee. [S. 143(3), 144B, Art. 226]

S. 69: Unexplained investments-Hawala-In cases of unaccounted sales/purchases, only the profit element embedded therein is taxable, not the entire turnover. [S.131(IA), 133A, 260A]

S. 68: Cash credits-Share capital-Identity, creditworthiness and banking trail for share capital established-Failure to use power under section 131-Order of the Tribunal deleting the addition was affirmed. [S.131, 260A]

S. 68: Cash credits-Share capital-Shell entities-PAN details, income tax return acknowledgements, and audited financial statements of subscriber companies who had confirmed transactions in response to notices issued under section 133(6)-Order of the Tribunal deleting the addition was affirmed.[S.131, 133(6), 260A]

S. 68: Cash credits-Discharged the initial burden-Order of High Court affirmed-SLP of revenue dismissed. [Art. 136]

S. 68: Cash credits-Long-term capital gains-Sale of shares-Mishka Finance & Trading Ltd-Penny stock-Commission-SEBI inquiry finding no violations and assessee furnishing complete supporting evidence-Transactions were held genuine-Tribunal deleted additions-High Court affirmed the order of the Tribunal-SLP of the revenue was dismissed on account of delay of 154 days. [S. 10(38), 45, 69C, Art . 136]

S. 45: Capital gains-Capital asset-Agricultural land-Exemption claimed without cogent evidence-Description in revenue records as dry land suitable for construction-Assessable as capital gains-SLP dismissed. [S. 2(14)(iii), Art.136]

S. 44BB: Mineral oils-Computation-Income-Deemed to accrue or arise in India-Royalties or Fees for Technical Services-Mineral Oil Exploration Services-The matter was remanded to the AO for fresh consideration of the royalty issue and passing of a fresh order in accordance with law. DTAA-India-Norway. [S. 9(1)(vii), 44DA, 197, Art. 12, Art. 226]

S. 37(1): Business expenditure-Compensation-Year of allowability-Compensation is allowable in the year of actual payment and not in the year when liability crystallised. [S. 145]