S. 10(23C) : Educational institution-Child education-Annual receipts from fee, interest and addition as cash credits exceeded Rs one crore–Prior approval was taken by CCIT–Denial of exemption is held to be justified. [S. 10 (23C)(iiad), 68]

S. 28(i) : Business loss – Loss on revaluation of permanent category investments – Held to be allowable as business loss [ S.260A ]

S.28(1): Business loss – Lawyer- Foreign exchange loss-Cash system of accounting -No addition is warranted [ S.145 ]

S. 68(2) : Certificate issued under scheme final-Amount mentioned in certificate cannot be assessed as undisclosed income. [S. 158BC, 158BD]

S. 281B : Provisional attachment-Recovery of tax-Over 21 Per Cent. of demand already collected-Assessments concluded-No justification to continue with provisional attachment. [S. 226(3)]

S. 277 : Offences and prosecutions-False statement–Verification– Search-Additions made in block assessment based on discrepancy in stocks —Prosecution is not valid. [S. 132, 136, 158BC, 276C(1), 278B, CRPC, 1973, S. 482, IPC 193]

S. 276B : Offences and prosecutions-Failure to pay to the credit tax deducted at source–No reasonable cause was shown for delay -Launching of prosecution is held to be valid. [S.201, 278AA, 279]

S. 271B : Penalty-Failure to get accounts audited–Audit report was available with AO on date of completion of assessment–Reasonable cause–Penalty not warranted. [S. 273B]

S. 260A : Appeal-High Court–Open remand-Remanding matter to AO without recording any finding–No question of law. [S. 35D, 254(1)]

S. 260A : Appeal-High Court-Pendency of petition for rectification before Tribunal is not relevant to decide the maintainable of appeal before High Court.[S. 254(2)]