S. 11 : Property held for charitable purposes– Application of income- Adjustment of excess expenditure against income of current year amounts to application of income[ S.12]

S. 11 : Property held for charitable purposes–Institution imparting education in Banking is entitle to exemption- Grant or refusal to grant exemption under S. 10(22) or 10 (23C) is not relevant .[ S. 2(15), 10 (22),10 (23C), 12A ]

S. 10A : Free trade zone – Export turn over- Total turnover Expenses excluded from export turnover should also be excluded from total turnover.

S. 271(1)(c) : Penalty – Concealment –Estimate of income- sale of land along with building – agreement silent on consideration towards super structure – estimate made by assessee – such estimate increased by the AO and finally stood reduced to another amount by ITAT – Held, no penalty on such additions based on estimates.

S 271AAB : Penalty – Search cases – commodity profits – sum entered in the other documents maintained in normal course and retrieved during search – Held, not undisclosed income – Held, no penalty can be levied.

S. 153A : Assessment – Search or requisition -Disallowance of commission expenses paid to overseas agent- in respect of completed assessments-No addition can be made which is not based on any incriminating material found in the course of search.

S. 147 : Reassessment –Scientific research expenditure – original assessment completed after considering all facts – reassessment based on subsequent amendments applicable to subsequent years – Held, no new tangible material – Held, reassessment bad in law. [S. 35(2AB)]

S.147: Reassessment-After the expiry of four years- Concluded assessment reopened after four years on the basis of assessment of subsequent years – Held, no failure on the part of the assessee to disclose fully and truly all material facts – Held, reassessment not valid.

S. 115JB : Book profit –Provision for bad and doubtful debts – Assessee made a provision for bad and doubtful debts – It was maintaining a separate provision account – Certain bad debts were written off in such account – Provision amount lesser than the bad debts written off – Held, assessee eligible for higher deduction – Held, therefore, provision amount cannot be termed as unascertained liability and has to be allowed – Held, tribunal cannot direct AO to allow greater deduction-Prior period expose cannot be added while computing book profits-Provision for leave encashment ascertained liability and therefore, cannot be added to book profit-Provision for non-moving and obsolete stock not a provision and also not debited to P&L account and therefore, cannot be added to book profit- Provision for fringe benefit tax not similar to provision for income tax and that fringe benefit was a liability of the employer therefore, cannot be added to book profit.[S. 36(1)(vii), 36(1)(viia)]

S. 115JB : Book profit–Amount debited under P&L a/c towards debenture redemption reserve fund is a known liability and therefore, cannot be added to the book profit.