S. 271B : Penalty-Failure to get accounts audited–Audit report was available with AO on date of completion of assessment–Reasonable cause–Penalty not warranted. [S. 273B]

S. 260A : Appeal-High Court–Open remand-Remanding matter to AO without recording any finding–No question of law. [S. 35D, 254(1)]

S. 260A : Appeal-High Court-Pendency of petition for rectification before Tribunal is not relevant to decide the maintainable of appeal before High Court.[S. 254(2)]

S. 254(1) : Appellate Tribunal-Powers-Claim for deduction which is not made in return or revised return-Tribunal has power to allow deduction.[S. 139(1), 139(5)]

S. 234C : Interest-Deferment of advance tax–Waiver of interest– Demerger of business-Advance tax payment made by demerged company after appointed date-Resulting company entitled to waiver of Interest.[S. 119]

S. 158BC : Block assessment–Undisclosed income–Telescoped– Tribunal remanding the order is held to be erroneous- Addition made by the AO is held to be valid. [S. 132, 254(1)]

S. 154 : Rectification of mistakes-Amalgamation of companies-Rectification for disallow claim allowed u/s. 80HHC is held to be not valid. [S. 80HHC]

S. 154 : Rectification of mistake-An order of rectification, on the basis of the law declared by the Supreme Court or the High Court is permissible-Non-resident-Shipping business–option to assessee- Interest can be levied. [S. 172, 234B, 234C]

S. 147 : Reassessment-Amalgamation of companies-Change of previous year allowed by AO-Reassessment proceedings on ground that AO was not aware of amalgamation of companies- Held to be not valid. [S. 148]

S. 147 : Reassessment-Notice-Order passed without disposing of objections raised by assesse-Reassessment Order is set aside to consider the objections.[S. 148]