S. 14A : Disallowance of expenditure-Exempt income-Interest free funds were utilized for making exempt investment-No disallowance can be made.[R. 8D].

S. 11 : Property held for charitable purposes-Golf facilities to its members for promotion of sport-No element of activity of being in nature of trade, commerce or business-Interest earned from banks or financial institutions on investment of surplus funds arising from charitable activities was exempted from tax. [S. 2(15)]

S. 11 : Property held for charitable purposes-Educational Institution-Res judicata-Denial of exemption is held to be not justified. [S. 10(23C)(vi), 12AA]

S. 4 : Charge of income-tax-Bonus shares–Cannot be assessed as income.

S. 271B : Penalty-Failure to get accounts audited–Audit report is made available before completion of assessment–No loss to revenue–Levy of penalty is held to be not valid. [S. 44AB]

S. 271(1)(c) : Penalty–Concealment-Share capital with premium- Detection by investigation wing- Survey-Filing of revised return after survey is not with bonafide intention-Levy of penalty is held to be justified.

S. 271(1)(c) : Penalty–Concealment–Failure to show the interest income due to inadvertent mistake of accountant – Levy of penalty is not justified.

S. 263 : Commissioner-Revision of orders prejudicial to revenue– Loan from group companies-Assessing Officer had taken a conscious decision regarding non-applicability of section 2(22)(e) to loan amount in question while passing the original assessment order – Revision is held to be not valid. [S. 2(22)(e), 143(3), 153A]

S. 254(2) : Appellate Tribunal-Rectification of mistake apparent from the record–Tribunal can recall order and change its mind in even if draft copy is signed and order is dictated in open Court- Rectification application is held to be not maintainable. [S. 254(1) R.46A]

S. 254(1) : Appellate Tribunal-Powers-Stay-Valuation of unquoted equity shares–Huge difference-Prima facie-Based on method laid down in Rule 11UA-Stay is granted.[S. 56, R.11UA]