S. 4 : Charge of income-tax–Diversion of income by overriding title-Obligation to spend on AMP arose after receipt of income–No obligation to spent definite amount–Application of income-Chargeable to tax. [S. 28(i)]

S. 4 : Charge of income-tax–Capital or revenue-Compensation for termination of lease-Loss of source of income–Capital receipt not to chargeable to tax. [S. 45]

S. 2(22)(e) : Deemed dividend-Trade advance-Commercial transaction-Not assessable as deemed dividend.

S. 183 : Declaration of income-Benamidar–Misrepresentation–No provision for granting an opportunity of hearing–Cancellation of declaration is held to be valid. [S. 193, PBPT Act. 1988, S. 24(4)]

S. 225 : Collection and recovery-Stay of proceedings–Pendency of a appellate and revision proceedings–Tax recovery officer demanded for 50% of tax demand-PCIT directed to pay 20 % of tax demand–On writ High Court directed to pay only 5% of tax in dispute. [S. 226, 264 Art. 226]

S. 225 : Collection and recovery-Stay of proceedings–ITAT has granted conditional stay against the recoveries–Sizeable amount was recovered–Contempt-Court directed not to recover further and pending the petition directed the petitioner to approach the ITAT for appropriate relief–Fresh petition was dismissed. [S. 226, 254(1), Art. 226]

S. 148 : Reassessment—Objection to reopening notice-Breach of procedure laid down by Supreme Court in case of GKN Driveshafts (India) Ltd. v. ITO (2003) 259 ITR 19 (SC)-Writ is held to be not maintainable. [S. 143(3), 147, Art. 226]

S. 147 : Reassessment-After the expiry of four years-Exemption– Excessive deduction-No failure to disclose material facts– Reassessment is held to be bad in law. [S. 11(1)(a), 11(2)]

S. 147 : Reassessment-After the expiry of four years-Interest on ECB-No failure to disclose material facts-Reassessment is held to be bad in law-DTAA-India-Mauritius. [S. 148, Art. 226]

S. 73 : Losses in speculation business–Non-banking company– losses can only be set off against speculative business income unless the gross total income of the assessee is under heads of income, other than income from profits and gains of business or profession. Loss in speculative business is allowed to be carried forward. [S. 72]