S. 80IB (10) : Housing projects- Delay of 365 days in filing of return- Denial of exemption-CBDT rejecting the application for condonation of delay-Order of rejection was set aside- Delay was condoned-Assessing Officer was directed to allow the claim as per law. [S. 119(2)(b), 143(1), Art. 226]

S. 80IBA : Profits and gains from housing projects –Writ of Mandamus – Availing deduction from 31-3-2022 to 31-3-2023– Completion of housing projects from five years to seven years-Petition was dismissed. [S. 80IAC, 80IBA(2)(b) 115BAB, Art. 14, 226]

S. 80IB (10) : Housing projects-Built up area of less than 1000 square feet–Completion certificate was issued by the Competent Authority -Denial of exemption was not valid.

S. 80IA : Industrial undertakings – Infrastructure development-Inland container depot and container freight station – Entitled to the deduction. [S. 80IA(4), 260A]

S. 69C : Unexplained expenditure – Bogus purchases – Business of civil construction – Payment through banking channels – Order of Tribunal deleting the addition was affirmed. [S. 260A]

S. 69C : Unexplained expenditure-Contract business-Civil works for the State Government and semi-Government agencies. Failure to produce certain suppliers – Estimated net profit at 12. 5 Per cent on alleged bogus purchases – Order of Tribunal affirmed. [S. 37(1), 68, 145]

S. 69C : Unexplained expenditure-Bogus purchases-Information was received from Sales Tax Department-Sales was not disputed-Purchases cannot be deleted-Matter remanded to the Tribunal only to the limited extent of going into gross profit rate. [S. 145, 148], 254(1), 260A

S. 69C : Unexplained expenditure- Cash credit -Bogus purchases- Entire purchases cannot be disallowed – Only profit element embedded on alleged purchases can be added. [S. 37(1), 68, 133(6), 145]

S. 37(1) : Business expenditure-Capital or Revenue-Development of new product expenses-Shown as capital work in progress- Project abandoned – Capital work in progress written off as revenue expenditure – No new asset came into existence which would be of an enduring benefit to assessee- Allowable as revenue expenditure. [S. 145]

S. 32A : Investment allowance – Additional cost – Foreign exchange fluctuations – The increase or reduction in the liability has to take place only in the year of fluctuation and it does not relate back to the year of acquisition of the asset- Entitle to additional cost in the year of acquisition. [S. 32, 43A]