S. 80P : Co-operative societies-Members to be construed as per definition of Concerned Co-Operative Societies Act-Matter remanded-Interest from investment in Co-Operative Societies eligible for deduction-Interest from any Bank which is not-Co-Operative Society is not eligible for deduction. [S. 80P(2))(a), 80P(2)(d)]

S. 80P : Co-operative societies-Income from sale of mutual funds to be taxed as capital gains-Interest on fixed deposits taxable as income from other sources”-Loss for year and brought forward loss from sale of mutual funds to be set off. [S. 45, 70, 71, 80P(2)(a)(i)]

S. 80P : Co-operative societies-Income from sale of mutual funds to be taxed as capital gains-Interest on fixed deposits taxable as income from other sources”-Loss for year and brought forward loss from sale of mutual funds to be set off. [S. 45, 70, 71, 80P(2)(a)(i)]

S. 80P : Co-operative societies-Set-off of expenditure-Interest Income-Matter remanded for verification to ascertain ehther the expenditure was incurred exclusively for maintenance of housing Society. [S. 56, 57, 80P(2)(d)]

S. 80JJAA : Employment of new workmen-Certificate in form 10DA-High salaries cannot be the basis for denial of exemption.

S. 80IC : Special category States-Failure to allocate financial expenses-Assessee allocating on the basis of ratio 58. 67 %-The Assessing Officer computing 58.69%-Held to be justified.

S. 80IA : Industrial undertakings-Infrastructure development-Functional Test-Each unit must function independently-Matter remanded. [S. 80IA(4)(iii)]

S. 69 : Unexplained investments-Paintings-Price details and mode pf payment was disclosed-Gold jewellery, Diamond jewellery and Silver Utensils-Quantity less than threshold limit for wealth-tax-Deletion of addition is held to be justified. [S. 132]

S. 68 : Cash credits-Confirmation was filed-Identity, creditworthiness and genuineness of transaction was established-Addition was held to be not justified. [S. 133(6)]

S. 68 : Cash credits-No evidence was produced-Addition is held to be justified-Disallowance of agricultural income was also up held.