S. 147 : Reassessment – Within four years – Reopening of assessment based only on the change of opinion on the existing material cannot be sustained in absence of any new tangible material.

S. 145 : Method of accounting – If AO accepted books of accounts in preceding and subsequent years – rejection of books based on hypothetical calculations was not justified.

S. 145 : Method of accounting – Suppression of Sales – In absence of anything on record to show that claim of the Assessee that he was following London Bullion Market (LBM) for fixing rate for sale of bullion, it cannot be concluded that Assessee was suppressing sales.

S. 56 : Income from other sources – No addition should be made where satisfactory explanation with necessary evidences is provided in case of sums received from relatives. [S.56 (2)(v)]

S. 50C : Capital gains-Full value of consideration-Stamp valuation –Charitable Trust- Price approved by Charity Commissioner has to be followed, where the Assessee is a public charitable trust. [S. 45]

S. 43B : Certain deductions only on actual payment – Contributions to provident fund and employees’ state insurance – Contribution deposited beyond prescribed time limit provided in respective Acts but before due date of filing return under income tax Act is allowable.

S. 37(1) : Business expenditure -Corporate entity – even if no business was carried out during the year, expenditure incurred by it has to be allowed.

S. 36(1)(iii) : Interest on borrowed capital – AO cannot step into the shoes of the businessmen – Interest is allowable on borrowed funds used for the purpose of business.

S. 32 : Depreciation – Injection moulding machine falls under the category of ‘Moulds’ and therefore shall qualify for higher rate of depreciation.

S. 32 : Depreciation – Depreciation is allowable non-compete territory rights – Department’s action of not filing an appeal against the CIT(A) favourable order in earlier year gives finality to the dispute.