S. 43B : Deductions on actual payment – Employees Sate Insurance and provident fund dues paid beyond prescribed period – Not allowable as deduction .[ S.2 (24)(x), 36 (1)(va) ]

S. 36(1)(iii) :Interest on borrowed capital – Capital or revenue -Prior to 2003 ,interest on capital borrowed for the purpose of capital expenditure is deductible .[ S.37(1)]

S. 2(22)(e):Deemed dividend- Share holder – Substantial business is money lending – Loan not assessable as deemed dividend .

Interpretation of taxing statues – Literal interpreatations- Black Money (Undisclosed Foreign Income and Assets ) and Imposition of tax Act , 2015 .

S. 271C : Penalty-Failure to deduct at source-leave travel concession- Foreign travel–Bona fide belief that there was no bar on travel to a foreign destination during course of travel to a place in India -Levy of penalty is held to be not justified. [S. 10(5), 192, 273B]

S. 268A : Appeal–Tax in dispute less than 20 lakhs–Appeal of revenue is dismissed. [S. 253]

S. 249 : Appeal – Commissioner (Appeals) – Admitted tax as per return of income -Requirement of paying admitted tax before filing appeal is directory -When defect is removed, earlier defective appeal becomes valid. Accordingly the matter was remanded to CIT(A). [S. 249(4)]

S. 144 : Best judgment assessment-Unaccounted receipts–loose papers – Search –Only net profit to be added as income and not gross receipts. [S. 69A, 145]

S. 115JB : Book profit-Waiver of principal and interest-One time settlement-Disclosed in notes’ to Auditors Report- obligatory on part of Assessing officer to have considered same while determining book profit-Matter remanded – Prior period adjustment- Justified in rejecting claim of deduction in respect of prior period adjustments . [Companies Act, 1956, S. 211(6)]

S. 68 : Cash credits–Share premium-High premium-Transaction cannot be doubted–Addition is held to be not justified.