S. 115JB: Company-Book Profit-Sick Industrial Company-Exemption under Explanation 1(vii)-Net worth becoming positive-BIFR Scheme-The BIFR directions merely required the Department to consider continuation of the exemption and did not override the statutory provisions of section 115JB-Exemption not available. [Sick Industrial Companies (Special Provisions) Act, 1985,(SICA), S. 32]

S. 115BAA: Tax on income of certain domestic companies-Determination of tax in certain cases-Concessional tax regime-Revised return-Option under section 115BAA can validly be exercised through a revised return filed within the due date. [S. 139(5)]

S. 92C: Transfer pricing-Arm’s length price-Avoidance of tax-International transaction-No TP adjustment where consistent benchmarking was accepted in an earlier year. [S.92CA]

S. 80G: Donation-Composite charitable and religious trust-Approval cannot be denied if religious expenditure does not exceed 5%.-Matter was remanded. [S. 80G(5), 80G(5B)]

S. 69C: Unexplained expenditure-Recorded expenditure cannot be taxed under section 69C [S. 143(3)]

S. 69C: Unexplained expenditure-Bogus purchases-Unverifiable Purchases-Only the profit element embedded in unverifiable purchases can be taxed and not the entire purchase amount-Estimation of 5% GP upheld. [S. 145(3)]

S. 69C: Unexplained expenditure-bogus purchases-Addition unsustainable where purchases, movement of goods and consumption are fully evidenced. [S. 145]

S. 69A: Unexplained money-Search & seizure-Addition based solely on employee’s diary and retracted statements-Not sustainable. (S. 132, 132(4A) 153A)

S. 69A: Unexplained money-Seized Papers-Where seized rough sheets substantially tally with the regular books of account, only unexplained differences can be sustained and not the entire addition. [S.132, 145(3)]

S. 69A: Unexplained money-Cash deposits during demonetisation-Addition was deleted where source stood explained from regular books [S. 115BBE]