S. 147 : Reassessment – Alternative remedy – Survey -Dismissal of writ petition on ground of availability of alternative statutory remedy —Held to be justified . [ S. 133A,148 , Art , 226 ]

S. 147 : Reassessment –With in four years- Existence of material- Reassessment notice is held to be valid [ S.148 Art .226 ]

S. 144 : Best judgment assessment -Arbitrary estimation is held to be not justified – Matter remanded

S. 80IB: Industrial undertakings – Fraudulent transactions – Denial of tax holiday – Principles of natural justice is not applicable in cases of fraud . [ S. 80IB ,80IB(11C, 115JC , 153A )

S.80HHC: Export business – Explanation (baa) applicable only to receipts similar to brokerage, commission, interest, rent or charges

S.80HHC : Export —Reduction of 90 Per Cent. of net (and not gross) Income from interest, commission and technical services — Income from technical services cannot be reduced by 90 Per Cent.

S. 72A : Carry forward and set off of accumulated loss and unabsorbed depreciation – Filing of Form 62 not a condition precedent for set off [ ITRules 9C ]

S. 70 : Set off of loss – One source against income from another source – Tax Avoidance -Same head of income – Penny stock- Capital gains-Short-term capital loss —Beneficiary of bogus accommodation entries —Disallowance proper [ S. 4, 45 ,68, 69C 115BBEE ]

S. 54 : Capital gains – Profit on sale of property used for residence –
Purchase of two residential properties in different locations -—Entitled to exemption. — Amendment substituting “A” By “One” — Applies prospectively. [ S.45 ]

S.47(vii): Capital gains- Transfer by a share holder in a scheme of amalgamation- Gains assessable as business income if shares held as stock-in-trade — No factual finding regarding nature of holding — Matter remanded [ S. 2 (47), 28, 45 ]