S.153A : Assessment – Search- On the date of search the company does not existed as it was merged with another company , hence the notice and assessment is held to be bad in law .

115JB : Book profits -Amount with drawn form general reserve is to be considered while arriving at book profit.

S.115JB : Book profits -Provision of doubtful debts reduced from amount of debtors, amount of write off as bad debts cannot be added to the net profit for the purpose of arriving book profit .

S. 115JB :Book profits- Retention money cannot be treated as income for purpose of book profit though the amount is credited in the P& Loss account .[S.2(24) ]

S.68 : Cash credits : Share application money – No adverse material was found in the course of search proceedings, hence addition was held to be not justified [ S.153A ]

S.68 : Cash credits – Shell companies – Share premium – AO has not investigated the financial activity of companies which have invested in shares hence the matter was remanded to the file of AO.

S. 48 : Capital gains – Computation -Tenancy rights – Value of tenancy rights to be considered for determination of cost of acquisition [ S. 45, 49,50C ]

S.44 : Insurance business – Insurance company is entitle o exemption u/s 10(34) , however S.14A cannot be invoked to disallow the expenditure . [ S.10(34), 14A ]

S. 44: Insurance business – While computing profit and gains from an insurance company enhancement made by revenue in respect of provision for doubtful debts in shareholders profit and loss account, is to be deleted.

S.44 : Insurance business – Funds for Future Appropriation (FFA) represents provision of definite and ascertained liability, same cannot be considered as part of actuarial surplus being liable to tax