S. 54G : Capital gains – Shifting of industrial undertaking from urban area – Sale of magazine and as per scheme of Explosive Act, 1884 a magazine would be equivalent to a godown and qualify to be a place used for purpose of business of an industrial undertaking- Eligible to claim deduction on sale of godown in an urban area.[ S.45, Explosive Act, 1884 ]

S. 43A : Rate of exchange – Foreign currency – loan availed for acquisition of fixed assets- Depreciation is held to be allowable on such adjustment- No exempt income – No disallowance can be made [ S. 14A,32, R.8D ]

S. 12AA : Procedure for registration –Trust or institution- Charitable purpose – Imparting financial education/awareness to investor in field of investments- Rejection of registration is held to be not valid . [S. 2(15 ) , Companies Act , 1956 , S. 25 ]

S. 5 : Scope of total income – Accrual of income – Advance on discounting of bills – Method of accounting – Not taxable as income of the relevant year [ S. 4, 145 ]

S. 4 : Filing of declaration and particulars to be furnished-Settlement of Disputes-Ex parte order set aside to the Tribunal-Assessee Bound By Undertaking Given To File Application Under Vivad Se Vishwas Scheme. [IT Act, S. 253, 254(1)

S. 271(1)(c) : Penalty-Concealment-Rejection of claim for deduction-Reduction of loss does not result in income-Penalty levied was deleted .Levy of penalty.

S. 271(1)(c) : Penalty-Concealment-Notice must specify whether there has been concealment of income or furnishing of inaccurate particulars of income-Levy of penalty is held to be not valid. [S. 274]

S. 264 : Commissioner-Revision of other orders-Deduction at source-Certificate for lower rate-Determination of rates without following prescribed procedure-Order is held to be not valid- Order passed with approval of Commissioner-Revision is not maintainable-No alternative remedy- Writ is maintainable. [S. 197, R.28AA, Art. 226]

S. 263 : Commissioner-Revision of orders prejudicial to revenue- Queries raised but order without application of mind and consideration of material provided- Revision of order is held to be valid. [S. 10B]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Commissioner had no power to revise assessment for inadequacy of enquiries or insufficiency of material on record-Order of Tribunal is affirmed- Condonation of delay of 360 days is held to be justified. [S. 254(1)]