S. 263 : Commissioner-Revision of orders prejudicial to revenue-Accomodation entries-Information from Maharastra Sales tax Department-Order passed without making any inquiry or verification-Bogus purchase bills-Offered 2% of bogus purchases-Revision to assess the entire purchases as disallowable is held to be justified-Order of Tribunal set aside. [S. 69C, 260A]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Depreciation-Scientific research-Two views possible-Assessing Officer following the order of jurisdictional High Court-Order cannot be held to be erroneous. [S. 35(2)(iv)]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Opportunity of being heard-Participated in subsequent proceedings-Writ petition against revision proceedings was held to be not maintainable. [S. 143(3), 253, Art. 226]

S. 254(1) : Appellate Tribunal-Duties-Cash credits-Share application money-Short term unsecured loan-Failure to record reasons-Matter was remanded to Tribunal. [S. 68]

S. 254(1) : Appellate Tribunal-Powers-Additional grounds-Excise duty, subsidy-Shown as revenue receipt-Tribunal was justified in admitting additional grounds. [S. 4]

S. 244A : Refunds-Interest on refunds-Excess advance tax and TDS-Delay in filing refund application was condoned-Period when application was pending adjudication before writ Court could not be attributed to department-Assessee was not entitle interest on refunded amount for said time period. [S. 119(2)(b), Art. 226]

S. 240 : Refunds-Appeal-Depreciation-Amount deposited when the appeal was pending before ITAT-Failure to pass fresh assessment order officer-Directed to refund excess amount deposited after deduction tax liability on depreciation allowance. [S. 143(3), 153, Art. 226]

S. 226 : Collection and recovery-Modes of recovery-Priority over debts-FDR to secure payment of debt-Secured creditor-Priority over Income Tax department who is an unsecured creditor. [Securities Contracts (Regulation) Act, 1956, 8, 9]

S. 220 : Collection and recovery-Assessee deemed in default-Stay of demand-Directed to deposit 20 percent of demand sum-Recovery proceedings was stayed. [S. 220(6), Art. 226]

S. 206C : Collection at source-Trading-Forest produce-Trading of timber sawn into logs of different dimensions and shapes which was imported from other countries-Timber sold by assessee would not amount to forest produce and, thus, provisions of section 206C(1) were not applicable on same. [S. 206(1)]