S. 40A(3) :Expenses or payments not deductible – Cash payments exceeding prescribed limits -Repayment of debt to group concern and expenditure was not debited in profit and loss account, addition cannot be made .

S.37(1): Business expenditure –Development rights – Payment to its shareholders for withdrawal of winding up petition against company in order to clear title of property is held to be allowable as business expenditure .

S. 28(iv) : Business income – Value of any benefit or perquisites – Converted in to money or not – Purchase of property from a company wherein the assessee is also director can not be assessed as profit and gain of business or profession .

S. 17(2) : Perquisite -Purchase of property from a company wherein the assessee is also director can not be assessed as perquisite in lieu of salary as there was no employer and employee relation ship [ S.17(2)(iii), 50C ]

S. 14A : Disallowance of expenditure – Exempt income -Investments in shares and mutual funds from own funds -Interest expenses cannot be disallowed [ R.8D ]

S. 2(47)(v): Transfer –Development rights – Transfer of development rights as per share holder agreement with financial partner for development of integrated township by unregistered agreements , no liability of tax could be fastened on assessee on basis that possession of land had been handed over. [ S.28(i), 45, Registration Act 1908,S.17(IA), Transfer property Act 1882, S.53A]

S.2(22)(e): Deemed dividend- Share holders- Current and inter banking accounts between group companies cannot be considered as loans and advances and addition cannot be made as deemed dividend- No physical possession of accumulated profits, hence no addition can be made as deemed dividend .

Chartered Accountants Act, 1949

S. 21: Misconduct -Disciplinary Directorate-Multinational Accounting Firms ( MAFs)- Union of India was to be directed to constitute a Committee of Experts in order to look in to function of Multinational Accounting Firms ( MAFs) [ S. 25, 29 ]

Advocates Act ( 25 of 1961)

S. 29: Practice of law – Foreign law firms and foreign lawyers cannot set up offices and practice in India , however they can give advice to Indian clients on ‘fly in and fly out’ mode on temporary basis . [ S. 24(1)(a), 47 (2) ]

S. 271(1)(c) : Penalty – Concealment -Donation-Withdrawal of claim on alleged bogus donation and filing the revised return disclosing the alleged bogus donation- Deletion of penalty was held to be valid .[ S. 35(1)143(3) , 148 ]