S. 143(3) : Assessment-Cash credits-Unexplained money-Estimation of profit-Estimation of profit too 2 Per cent of total credits held to be justified. [S. 68, 69]

S. 142(2A) : Inquiry before assessment-Special audit-Nature of business and volume and complexity of accounts and multiplicity of transactions-Order directing special audit is proper. [S. 142(1), Art. 226]

S. 132 : Search and seizure-Writ-Warrant of Authorisation-High Court can find out if there was reason to believe-Cannot determine whether reasons were adequate. [R. 112(1), 112(2)(c), Art. 226]

S. 127 : Power to transfer cases-Interim order permitting continuation of writ proceedings- Assessment completed-Appeal became infructuous-Duty of assessee to pay tax- Comply with order or file an appeal. [Art. 226]

S. 115WB : Fringe benefits-Sponsoring students for higher education-No relationship of employer and employee-Amounts spent on bundling of product-Not liable to be assessed as Fringe benefits-Reimbursement of medical expenses to employees in excess of fifteen thousand rupees liable to Fringe benefits. [S.17(2)(v)]

S. 92C : Transfer pricing-Arm’s length price-Amount paid as trade mark fees to associated company in Singapore-Trade Mark was being used for several years past-Disallowance of trade mark fees is held to be justified-Corporate and Bank guarantees-Financial services- Direction to modify the claim is justified-Clarificatory Amendment can have retrospective operation. [S. 47(iv), 92B]

S. 80IA : Industrial undertakings- Infrastructure development-Development and leasing of premises in software park-Assessable as business income- Entitle to deduction. [S. 28(i), 80IA(4)]

S. 80HHC : Export business-Shipping agency fees, hire charges of machinery and installation must be reduced on net Basis-Proceeds of services and repairs by Shipyards not to be reduced. [S.80HHC Explanation (baa)]

S. 68 : Cash credits- Burden to establish identity of creditors, genuineness of loan transaction and capacity of lender-Addition is held to be justified. [S. 260A]

S. 68 : Cash credits- Block assessment- Matter remanded to the CIT (A) to consider unexplained cash credits . [S. 132, 143(3), 147, 158BA, 254(1)]