S. 143(3) : Assessment–Amalgamation–Merger -Assessment order passed in the name of non-existent entity–Held to be invalid. [S. 143(2)]

S. 68 : Cash credits-Bank statement cannot be considered as books maintained by assessee-Addition is held to be not valid.

S. 68 : Cash credits–All details regarding cable operators available on record–All deposits received in cheque which were subsequently refunded back- Deletion of addition is held to be justified.

S. 54 : Capital gains–Profit on sale of property used for residence– Acquisition of three flats–Converted into one single unit–One electricity meter / bill for the entire residential unit–Deduction could not be denied in spite of there being three separate agreements for purchase and sale of flats, [S. 45]

S. 44BB : Mineral oils – Non-residents – Business for prospecting/exploration, mineral oil etc. vessels given on hire- Required to be shown to be fitted with necessary equipments, and having technical capacity for use in prospecting for, or extraction or production of mineral oils-Matter remanded.

S. 28(i) : Business loss-Conversion of ECB to share capital–Comprises of two distinct transactions–Foreign exchange loss on difference to be charged to P&L Account–Allowable as revenue loss. [S. 37(1), 43, Companies Act, 1956, S.75(1)]

S. 12AA : Procedure for registration–Trust or institution-Order denying registration was passed without providing opportunity of being heard- Order was set aside.

S. 10(23C) : Educational institution-Society running a school-Entitle to exemption. [S.10 (23C)(vi)]

S. 9(1)(vi) : Income deemed to accrue or arise in India–Royalty – Payment for ‘bandwidth services’ is not assessable as ‘royalty’– Amount received by RJIPL from assessee for providing standard bandwidth services was its ‘business profits’- In the absence of its business connection or PE in India could not be brought to tax in India- DTAA-India–Singapore . [S. 90 , 195, 195A, Art. 7,12]

S. 271(1)(c) : Penalty–Concealment of Income–Revised return- Reimbursement of expenses-Information with respect to the impugned transaction was duly disclosed in notes to computation annexed along with original return of income and the assesse had offered a part of income in revised return of income to tax, penalty could not levied.