S.45: Capital gains- Capital loss- Assignement of loan- Capital asset – Allowable as capital loss. [ S. 2(14)(a) , 2 (47), Wealth tax Act , 1957 S. 2( e ). ]

S. 14A : Disallowance of expenditure – Exempt income – Recording of satisfaction – AO needs to record his non-satisfaction having regard to the sou motu disallowances claimed by the assessee in the context of its accounts. It is only thereafter, the occasion to apply rule 8D of the Rules for apportionment of expenses can arise- AO discussing and not accepting is not sufficient -Order of Tribunal is affirmed . [S.14A(2) , R.8D ]

S. 80P : Co-operative societies -CBDT – Binding precedent – Clarificatory circulars for guidance of Government Officers is not binding on Tribunal- Circulars issued by a Government Department cannot have any primacy over the decision of the jurisdictional High Court-Not entitle to deduction . [ S.80P(2) ,119 ]

S. 143(3) : Assessment –Ad-hoc addition- Labour charges – On facts the High Court affirmed the order of the Tribunal. [ S.260A ]

S. 68 : Cash credits -The expression “any previous year” does not mean all previous years but the previous year in relation to the assessment year concerned- If the cash credits are credited in the FY 2006-07, it cannot be brought to tax in a later AY.2009-10[ S.3 ]

S. 12A : Registration –Trust or institution- Object clause-Registration cannot be refused on the ground that the Trust Deed does not contain “dissolution clause” and not registering with the Registrar of Societies . [ S.2(15) ,11, 12AA ]

S. 245 : Refunds- Set off of refunds against tax remaining payable – Refund cannot be adjusted without prior notice is issued – Order adjustment of refund is quashed .[ Art. 226 ]

S.241A: Withholding of refund in certain cases – Declaring the loss cannot be the ground to doubt the contents of the return or the loss suffered by the assessee – Directed to refund the amount with the interest with in the period of three weeks from the receipt of the order . [ S.143(ID), 197, Art .226 ]

S. 281B : Provisional attachment – Reasoned order- When earlier assessment years Tribunal has suspended the recoveries arising out of demands made on similar issues – Order of provisional attachment is set aside . [ S.245, Art . 226 ]

S. 264 :Commissioner – Revision of other orders – Revised return filed beyond limitation period rectifying the mistake – Rejection of application is held to be not valid – Matter is remitted back to the CIT for considering the claim of the petitioner and pass appropriate orders within a period of six weeks from the date of receipt of a copy of this order-No tax shall be collected except by authority of law . [ S. 139(1), 139(5) , 154 ,Art .226, Art .265 ]