S. 145: Method of accounting -Valuation of stock -Valuation adopted by Revenue valid — No question of law .[ S.260A]

Interpretation of taxing statutes — Date of applicability of a statutory amendment – Amending provisions — to be considered in light of history of legislation and what lawmakers intended by amendment – .Aids to construction — Speeches made in legislature can be looked into- Circulars — Binding upon Departmental Authorities if they advance proposition within framework of statute — Not binding where contrary to statute—Not binding on courts-Definition — Unless the context otherwise requires . [ S. 10(20A), 10(23C), 10(46), 11, 11(4), 11(4A), 12, 12A, 12AA, 13(8), 143(3)

S. 9(1)(vii):Income deemed to accrue or arise in India – Fees for technical services -Technical services do not include construction, assembly and design — Dominant purpose of contract was supply of passenger rolling stock —Amount received under contract could not be deemed to accrue or arise in India [ S. 194J, 201(IA) ]

Interpretation of taxing statute – The principles of judicial discipline and propriety and binding precedent – Unless there is a stay obtained by authorities under Income-tax Act, 1961 from higher forum, mere fact of filing appeal or SLP will not entitle authority not to comply with order of High Court- Court directed the Registrar General to forward the copy of the judgement for circulating amongst authorities under the Income tax- Act , 19961 and for the observance of the principles of the judicial discipline and propriety. [ Art , 141, 226 , 227 ]

S. 148 : Reassessment –Notice – Challenged on several grounds – writ petition dismissed .[ S. 147, Art , 226 ]

S.54F : Capital gains- Investment in a residential house -Co-owner of property – Cannot be treated as absolute owner – Denial of exemption is not valid [ S. 45 ]

S. 23 : Income from house property – Annual value – Property was vacant throughout the year – Addition cannot be made on notional rent [ S. 22, 23(1)( c)]

S. 80I : Industrial undertakings – Income derived – Interest received from customers for delay in payment of sale consideration – Entitle to exemption .

S. 41(4) : Profits chargeable to tax – Bad debt – Bad debts recovered by the amalgamated company – Liable to tax [ S. 36(1)(vi), 41(1) ]

S. 12AA : Procedure for registration –Trust or institution-Limitation period of six months – Any decision taken afresh in pursuance to directions of the appellate authority the period of limitation of six months is not applicable [ S. 12AA(2), 80G, Form 10A ]