S. 115JB : Book profit – Provisions as it stood prior to its amendment by virtue of Finance Act, 2012, would not be applicable to a banking company governed by provisions of Banking Regulation Act, 1949- Companies which are not required to prepare its profit and loss account in accordance with part II & III of Schedule VI of the Companies Act , 1956 – Adjustment cannot be made . [ S.115JB(2) ,Companies Act , 1956 , S 211(2) , Banking Regulation Act, 1949 ]

S. 80IB(10) : Housing projects- Completion of project- Partial construction of project – Eligible for exemption .

S. 69A : Unexplained money -Un explained jewellery – Deletion of addition by the CIT(A) is held to be justified . [ S.132(4) ]

S. 68 : Cash credits -Identity of creditor established – Need not explain the source of the source – Addition confirmed by the Tribunal is deleted .

S. 41(1) : Profits chargeable to tax – Remission or cessation of trading liability – Remission of loan by Government of Maharashtra cannot be assessed u/s 28(iv) or 41(1) of the Act – Order of Tribunal is affirmed [ S.28(iv ) ]

S. 37(1) : Business expenditure – Business loss- Write off of losses towards stock obsolescence in respect of Laptops and motherboards -Held to be allowable as revenue expenditure [ S.28(i), 145A ]

S. 37(1) : Business expenditure – Capital or revenue – Payment to for the purpose of having continuous supply of limestone as a raw material – Held to be capital expenditure – Order of Tribunal directing for the payment to be amortised for a period of 8 years is held to be not valid – Question is answered in favour of the revenue . [ S.145 ]

S. 36(1)(iii) :Interest on borrowed capital – Allowable as deduction though capitalised in the books of account .[ S. 43(1)Ex.8 ,145 ]

S.28(i): Income from business – Income from house property – Exploitation of property commercially by way of complex commercial activities – Rental income is to be taxable as income from business – Not as Income from House Property. [ S.22 ]

S. 14A : Disallowance of expenditure – Exempt income – Rule 8D is not applicable to assessments prior to AY. 2008 -09 [ R.8D ]