S. 2(22)(e) : Deemed dividend-Repayment of loan or advance, which gets deemed, on receipt, on account of legal fiction, as a distribution of profit and, thus, as income in hands of payee shareholder, is of no consequence. [S. 10(34), 2(24)(iii), 56]

S. 80M : Inter corporate dividends – Deduction to be on gross income and not on net income. [ S.80HHC ]

S.147: Reassessment – After the expiry of four years- Limitation — Family settlement – Notice for assessment year 1999-2000 Notice issued to Power of Attorney holder within six Years —Held not barred by limitation -Reassessment is held to be valid – Dispute settled and consent decree passed – No family settlement – Consideration is held to be taxable as capital gains .[ S.45 ,148,163 ]

S. 263 : Commissioner-Revision of orders prejudicial to revenue– Bad debt-Provision for bad debt in books and debit to profit and loss account–Entitle to deduction-Revision is held to be not valid. [S. 36(1)(vii), 36(2)(v)]

S. 254(2) : Appellate Tribunal-Rectification of mistake apparent from the record–Failure to consider an argument advanced by either party to arrive conclusion is not an error apparent on record though it may be error of judgement. [S. 144]

S. 201 : Deduction at source-Failure to deduct or pay–Non–residents-Limitation period prescribed in sub-section (3) of section 201 would be equally applicable in respect of non-residents-Order held to be in valid.[S. 40(a)(ia), 195, 201(3)]

S. 147 : Reassessment–Notice–Assessment order passed without issue of mandatory notice u/s.143(2) of the Act is bad in law. [S.143(2), 148, 292B].

S. 80P : Co-operative societies–Supply of milk to mother diary– Deduction u/s.80P(2)(b) is allowable-Interest earned by it from deposits made with nationalised/private banks, however, said benefit was available in respect of interest earned on deposits made with co-operative bank. [S. 80P(2)(b), 80P(2)(d)]

S. 73 : Losses in speculation business–AO cannot compare funds deployed in shares held as investment as against funds deployed of loans and advances-loss incurred by it in share transactions was assessable as business loss which could be set off against its business income. [S. 28(i)]

S. 68 : Cash credits-Shares at premium-Confirmation is filed and source is explained–addition as cash credits is held to be not justified. [S. 133(6)]