S. 234B : Interest-Advance tax-Sub-section (2A) to section 234B introduced by the Finance Act, 2015 is not retrospective and would be applicable to all proceedings in which orders are pending and/or in which orders under section 245D(4) are passed on or after 1-6-2015. [S. 234B(2A), 245D(4)]

S. 153 : Assessment–Reassessment–Limitation–Revision- Revisionary powers could be exercised by Commissioner in all cases where assessment was made and once he exercised his revisionary powers then provisions of section 153(2A) would be applicable and, limitation would be one year from date of order being passed by Commissioner in revision petition. [S. 153(2A), 153B, 153C, 263]

S. 147 : Reassessment–Business expenditure–Capital or revenue- Advertisement and sales promotion- Complete disclosure of all primary material facts on part of assessee in course of assessment- Reassessment proceedings merely on basis of change of opinion was not justified [ S.37(1) , 148]

S. 132 : Search and seizure –Warrant of authorization- Siphoning off funds by way of advancing loans to shell companies without any equivalent collateral securities-Warrant of authorisation was held to be valid. [S. 133A(3)]

S. 92C : Transfer pricing-Arm’s length price-Comparable–Merger and Amalgamation had taken place in a company–Cannot be selected for comparable–Securities and stock broker cannot be compared with merchant banker–Interest earned on margin money deposited with AE for broking services for futures and options should be factored in to determine ALP.

S. 80IA : Industrial undertakings–Infrastructure development- Captive power-Valuation of electricity provided to another unit should be at rate at which electricity distribution companies were allowed to supply electricity to consumers.

S. 80I : Industrial undertakings -Deduction under section 80-I should be given on profit without reducing deduction under section 80HH. [S. 80HH]

S. 54F : Capital gains-Investment in a residential house-Sale of Booking of flat is not sale of residential property-Entitle for exemption. [S. 2(14), 45]

S. 45 : Capital gains-Sale of shares of subsidiary–Cannot be assessed as slump sale. [S. 2(42C), 50B]

S. 37(1) : Business expenditure –Consultancy charges –Statement – Retraction- Merely on the basis of statement recorded in the course of search, which was retracted–No disallowance can be made without bringing on record independent material. [S. 132(4)]