S. 45 : Capital gains- Business income-No distinction can be made whether borrowed money or own funds–Circular is binding on department -Consistency must be followed -Surplus from sale of shares is assessable as capital gains and not as business income. [S. 28(i)]

S. 37(1) : Business expenditure—Commission—No evidence of services rendered -Disallowance is held to be justified. [S. 133(6),260A]

S. 36(1)(vii) : Bad debt—Non-rural banks written off—Held to be allowable as deduction-Deductible. [S. 36(1)(viia)]

S. 35D : Amortisation of preliminary expenses-Bank extending financial services is an industrial undertaking—Entitled to benefit. [S. 37(1)]

S. 28(1): Business loss–Futures and options-Allowable as business loss. [S. 37(1)]

S. 14A : Disallowance of expenditure-Exempt income–Provision is applicable only from the year 2007 -98 onwards.

Prohibition of Benami Property Transactions Act, 1988 S.2(9):
Benami transaction- Advance salary -Allegation of amount was advanced to bring demonetised money in to circulation – Order attaching the bank account was set aside – The authorities have failed to discharge the burden. [ S. 2(5),3,24, 46, PMLA ,2002 , S. 2(u) ]

S. 276C : Offences and prosecutions – Wilful attempt to evade tax –Penalty appeal is admitted by High Court-When the Appeal is admitted on substantial questions of law, there is no justification for the DCIT to threaten the assessee with prosecution- Even if such prosecution is launched, the same shall not proceed till the pendency of the appeal.[ S. 260A, 271(1)(c)]

S. 263 : Commissioner–Revision of orders prejudicial to revenue– Debenture redemption reserve- Original Assessment u/s 143(3) dt. 30-12-2011–Reassessment u/s 143(3) r.w.s 147 dt 28-12-2016–Revision order dt. 26-3-2018-Revision is barred by limitation. [S. 115JB]

S. 147 : Reassessment-Intimation-Bogus share capital-Share premium- Reopening for taxing Bogus share capital: Even in a s. 143(1) intimation, the AO is not entitled to reopen on the ground that the assessee has received “huge share premium” which was not “examined” by the AO. The AO cannot reopen in the absence of tangible material that shows income has escaped assessment. [ S. 68, 143(1)]