S. 154 : Rectification of mistake-Mistake apparent from the record-Audit objection-Payment made for purchasing trading goods-Violation of section 40A(3)-Rectification order is valid-Merit matter remanded. [S. 40A(3), R. 6DD]

S. 149 : Reassessment-Time limit for notice-Foreign assets-Amendment to section 149 by Finance Act, 2012 with effect from 1-7-2012, which extended limitation for reopening assessment in case of income from foreign assets to sixteen years, is prospective in nature. [S. 147, 148, 149(1)(c)]

S. 143(1)(a) : Assessment-Intimation-Adjustment cannot be made unless an intimation is given of such adjustment in writing or in electronic mode-Employee’s contribution-Adjustment is invalid in law. [S. 36(1)(va),43B, 143(1)]

S. 115JB : Book profit-Capital loss debited to profit and loss account-Qualification by Auditor-Neither eligible for deduction under normal provisions nor under alternate provisions of taxation. [S. 28(i), 37(1)]

S. 115JB : Book profit-Special category States-Not to be reduced. [S.80IC]

S. 90 : Double taxation relief-Income from employment-Section 90 does not bar operation of article 16 of DTAA with USA DTAA-India-USA. [S. 9, Art. 16]

S. 80P : Co-operative societies-Co-operative Bank-Dividend income-Short-term deposit with co-operative bank-Eligible deduction. [S. 2(19), 80P(2)(d), 80P(2)(a)(i)]

S. 80IC : Special category States-Deduction to be restricted to extent of gross total income. [S. 80A, 115JB]

S. 74 : Losses-Capital gains-Return filed within a specified time-Set-off of capital loss brought forward from the assessment year 2010-11 was to be allowed to assessee in the relevant assessment year. [S.80, 139(1)]

S. 71 : Set off of loss-One head against income from another-Capital gains-Exempt income-Short-term capital loss from shares could not have been set off against any tax-exempt income covered under Chapter III. [S. 10(38)]