S. 43A : Rate of exchange – Foreign currency – Foreign exchange fluctuation on loan liability on fixed asset being notional and no actual payment was made would not require any adjustment in the cost of the fixed assets on accrual basis , as the S.43A is amended w.e.f 1 st April , 2003 . [ S.37(1) ]

S. 17(2) : Perquisite -Interest free loan is taxable as perquisites in the hands of employee as per Rule 3 of the IT Rules [S.17(2) (viii) R.3(7)(i) ]

Pradhan Mantri Garib Kalyan Yojana Scheme, 2016

S.199C Declaration under Pradhan Mantri Garib Kalyan Yojana Scheme after search and seizure – Retention was held to be valid -Court directed to release of small part of seized amount .[ S. 132, 132B ]

S. 275 : Penalty – Bar of limitation – Concealment – Notices issued after period of limitation as per first limb of S.275(1)(a) hence barred by limitation [ S. 271(1)(c),275 (1)(a) ]

S. 260A : Appeal – High Court -Limitation-Delay of 326 days -No reasonable cause -Delay was not condoned .[ Limitation Act, 1963,S.5 ]

S. 254(1) : Appellate Tribunal- Powers- Commission-Order of remand was held to be valid [ S.37(1) ]

S.147: Reassessment —Duty of the Assessing Officer to furnish the reasons recorded to the assessee and proper procedure to be followed -Matter was set a side . [ S.148 ]

S.147: Reassessment-After the expiry of four years- Cash credits – Share application money -Shell companies Bogus accommodation entries – Report from investigation wing having live link with formation of belief – Proviso added by the Finance Act, 2012 with effect from April 1, 2013 did not change the position- Reassessment was held to be valid . [ S. 68, 143(3),148 ]

S.145: Method of accounting -Valuation of stock —Tribunal taking only market rate one day later for determining valuation of stock-in-trade is held to be not consistent with law — Tribunal was directed to reconsider valuation of closing stock on the basis of principles established by law.

S. 48 : Capital gains – Computation -Payment of liquidated damages in discharge of liability under earlier agreement to sell is held to be allowable expenditure-The expression “expenditure” used in clause (i) in S 48 should be given the same meaning as used in S.37(1) , except that the expenditure may also be capital in nature. Settlement of a claim and payment made can amount to expenditure [ S. 37(1),45 ]