S.271(1)(c ): Penalty –Concealment – Inadvertently claimed higher rate of 40% depreciation instead of 25%- Bona fide mistake –Deletion of penalty is held to be justified .[ S.32 ]

S. 263 : Commissioner – Revision of orders prejudicial to revenue –Direction of Commissioner to make certain additions- Tribunal reversed the finding of Commissioner-Question of fact. [ S.260A ]

S. 260A : Appeal – High Court -High Court has power to review- High Court recalled the order and remanded the matter to Tribunal.[S.253]

S. 254(1) : Appellate Tribunal – Powers-Tribunal cannot go beyond question in dispute- When the amounts could not have been added under section 68 , the Tribunal was not competent to make the addition under section 69A -The order of the Tribunal was vitiated in law-Matter remanded to the Tribunal. [ S.68, 69A ]

S. 144 : Best judgment assessment – Low net profit – Tribunal remanded the matter for re examination- No question of law .[ S.260A ]

S. 132(4) : Search and seizure – Statement on oath –Block assessment -Declaration after search has no evidentiary value — Additions cannot be made on basis of such declaration. [ S. 158BC ]

S. 80IA :Industrial undertakings – Prior to assessment Year 1999-2000 benefit under Section 80IA is available without exclusion of deduction Under S.80HHC –Sub –section (9a) with effect from 1-4-1999 is prospective-Circulars binding on revenue -Liberal interpretation — Retrospective operation of provisions. [ S.80HHC, 119 ]

S.68: Cash credits —Evidence of loan and creditworthiness of lenders were furnished –Amount not assessable as cash credits.

S. 56 : Income from other sources –Gifts from relatives-Maternal aunt- Gift need not be on a particular occasion-Addition cannot be made as income from other sources [ S.56 (2)(v)68 ]

S. 43B : Certain deductions on actual payment -Excise duty — Unutilised modvat credit of earlier years, which is adjusted in current Assessment Year, cannot be treated as actual payment. Customs duty and sales tax of earlier years is allowable as deductions.[ S.145A ]