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–Consultancy charges –Statement – Retraction- Merely on the basis of statement recorded in the course of search, which was retracted–No disallowance can be made without bringing on record independent material.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)]

S. 37(1) : Business expenditure–Foreign travelling expenditure of trustee on tourist visa- Held to be allowable.

S. 37(1) : Business expenditure–Export business–Remuneration to trustees-Reasonableness of expenditure is to be judged from point of view of businessman and revenue cannot sit in arm chair of businessman to decide what is reasonable and what is not- Held to be allowable.

S. 37(1) : Business expenditure–Capital or revenue–Repair and renovation is held to be revenue expenditure. [S. 30]