S.90: Double taxation relief-Since, in terms of the permission of RBI, liaison office’s activities are confined to the liaison and representative activities and is not permitted to carry out any business/commercial activities in India, the said liaison office cannot be regarded as permanent establishment. [S.133A]

S. 80P : Co-operative societies-In the absence of evidence to prove that trading of agricultural equipment was done with persons other than the members, deductions cannot be disallowed. (ii) Section 80P of the Income Tax Act, 1961: State Government grants are eligible for deduction under the section provided the same is disbursed to members of the society only. (iii) Section 80P of the Income Tax Act, 1961: Receipts incidental to the main activities of the business also are eligible for deduction under section 80P of the Act. [S.80P(2)(a)(iii), 80P(2)a)(iv)]

S.80P: Co-operative Societies-Interest income earned from investments made with co-operative banks allowed as deduction. [S.80P(2)(d)]

S.80P: Co-operative Societies-Since there was no infirmity in the computation of income as computed by the assessee under the head “business income”, the assessee is eligible for deduction under section 80P following the judgment of High Court of Kerala in the case of Chirackkal Service Cooperative Bank Ltd. v. CIT [S.143(1)(a))]

S. 80IB(10): : Housing projects-No deduction shall be allowed under section 80-IB(10) if not claimed in return of income. [S.80A(5) 80AC, 139 (1), Form No 10CCB]

S. 80IB(10) : Housing projects-Completion of project-Deduction is allowed in earlier years –Allocation of common expenses-Rule of consistency is followed.

S. 80IA : Industrial undertakings-Enterprises engaged in infrastructure development-Rental income inseparably connected with a business and originates directly from the business of undertaking-Eligible for deduction.

S.69A: Unexplained money-Merely on the basis of suspicion, howsoever it is strong, the Assessing Officer is not justified in presuming certain facts without having anything to corroborate. Accordingly, the deletion of impugned addition under section 69A made by CIT (Appeals) was upheld by the Tribunal.[S.133A]

S. 69A : Unexplained money-AO cannot partly accept the books of accounts and partly reject the same and decide the sales as per his choice to categorize into bogus sales and non-bogus sales-AO cannot determine the bogus sales without disputing the books of accounts or bringing any evidence on record.[S.115BBE]

S. 69A: Unexplained money-When sufficient explanation for the source of the Cash deposits were provided to the lower authorities, it was incorrect to disregard the same, unless enquiries to prove contrary facts were made & established.