S. 115JB : Book profit – Disallowance u/s 14A were deleted – No adjustment could be made while computing book profit [ S.14A , R.8D ]

S.115JB: Book profit – Receipt in subsequent year – Rate of tax is same – Directed the Assessing Officer and pass the consequential order

S. 80IB(10) : Housing projects- Sale of flats to single or related persons – Amendment is prospective- Unaccounted income found in the course of search -Business income – Deduction cannot be denied [ S.80IB(10)(e), (f) ] S. 80IB(10) : Housing projects- Sale of flats to single or related persons – Amendment is prospective- Unaccounted income found in the course of search -Business income – Deduction cannot be denied [ S.80IB(10)(e), (f) ]

S. 80IA :Industrial undertakings – Lease rent income of industrial park is assessable as business income and eligible for deduction [ S. 22, 28 (i) ]

S. 8IA : Industrial undertakings – Manufacture – Process of converting raw urad into urad dhal is a manufacturing activity – Entitle to deduction .

S. 72 : Carry forward and set off of business losses -Unabsorbed depreciation -Can be set off against sum chargeable to tax as income u/s 68 of the Act – Provision of S.115BBE which barred set off of losses against income determined u/s 68 was effective from 1-4 -2017 and not applicable for the Assessment year 2006 -07 [ S. 32 , 68 71 ,115BBE ]

S. 69B : Amounts of investments not fully disclosed in books of account – Set off of gross unaccounted payments on certain transactions against unaccounted receipts for computing undisclosed investment – Non recovery of cash paid cannot be allowed as deduction . [ S 37 (1),69C ]

S. 69A : Unexplained money – Client code modification – Commodity broker – Statement was retracted – Deletion of addition is held to be justified [ S. 132 (4), 153A, 260A ]

S. 47(v) : Capital gains – Transaction not regarded as transfer – Subsidiary to holding company – 25% of share holding is held by nominee share holding of holding company – Exemption cannot be denied [ S.45 ]

S. 40A(3) : Expenses or payments not deductible – Cash payments exceeding prescribed limits – Bank account was attached – Disallowance of 20% is held to be not justified [ R.6DD(j)]