S. 12AA : Procedure for registration-rust or institution-Delay of 158 days in filing the appeal was condoned-Documents which was not produced before the CIT(E) was produced before the Appellate Tribunal-Matter remanded. [S. 12AA, 80G, 253, 254(1)]

S. 10B : Export oriented undertakings-Sale of scrap-Entitled to deduction.

S. 4 : Charge of income-tax-Sales tax subsidy-For enabling to expand or modernize its existing unit-A capital receipt not taxable.

S. 271B :Penalty- Failure to get accounts audited -Reasonable cause – May – Levy of penalty is held go be not justified .

S. 271(1)(c) : Penalty – Concealment – Disallowance of expenses on estimate basis – Capital or revenue –Debatable issue – Levy of penalty is not justified – Disallowance was deleted -Levy of penalty is not justified . [ S.14A ]

S. 271(1)(c) : Penalty – Concealment – No specific charge recorded – addition on estimate basis – Appeal not filed against quantum addition – Levy of penalty is not justified . [ S.274 ]

S. 271(1)(b) : Penalty – Failure to comply with notices – Entire
additions deleted at appellate stage —Bona fide explanation- Penalty not leviable. [ S.142(1) ]

S. 271(1)(b) : Penalty – Failure to comply with notices -Co-operating in assessment proceedings Attending- None of assessment orders ex -parte- Levy of penalty is held to be not valid .[ S.142(1) ]

S. 250 : Appeal – Commissioner (Appeals) – Powers – Additional evidence — Should have been admitted .[ S. 147, 148 , 250 (6) ]