S. 132 : Search and seizure-Bank account of political party was not linked with its PAN-Satisfaction arrived at by revenue to initiate a search and seizure under section 132 could not be held to be perverse or legally untenable-Prohibitory order-Period of 60 days had already expired, prohibitory order had already expired by operation of law and hence could not remain valid.[S.131(IA),132(3), 132(8), Art. 226]

S. 127 : Power to transfer cases-Search-On SLP the Court held since transfer had already taken place, if authority concerned wanted to pass an order, it might proceed to do but it would not give a final effect to order till matter was heard on merits. [Art. 136]

S. 80IC : Special category states-Substantial expansion-Entitle exemption of 100 per cent beyond period of five years on ground that it now carried out substantial expansion in terms of section 80-IC(8)(ix) within aforesaid period of ten years in its manufacturing unit. [S.80IC(2), 80IC(3), 80IC(8)(ix), 260A]

S. 69A : Unexplained money-Search-Real estate projects-Books of account-Seized diaries contained recordings of receipts, which pertained to booking of flats-Not dumb documents-Order of Tribunal confirming the addition was affirmed.[S. 2(12A), 132, 260A]

S. 68 : Cash credits-Unsecured loans-Amount disclosed cannot be considered as undisclosed-Order of Tribunal deleting the addition was affirmed. [S. 132, 260A]

S. 68 : Cash credits-Shell company-Accommodation entries-Commission income was offered-Order of Tribunal deleting the addition as unexplained credits was affirmed by the High Court. [S. 153C, 260A]

S. 68 : Cash credits-Long term capital gains-Sale of shares-Information from Investigationn Wing-Sold shares after holding same for more than seven years-Proximity of time between buy and sale of shares could not be considered as an accommodation entry-High Court affirmed the order of Tribunal. [S. 10(38), 45, 68, 69,260A]

S. 68 : Cash credits-Long term capital gains-Sale of shares-Information from Investigationn Wing-Sold shares after holding same for more than seven years-Proximity of time between buy and sale of shares could not be considered as an accommodation entry-High Court affirmed the order of Tribunal-SLP of revenue dismissed. [S. 10(38), 45, 68, 69, Art. 136]

S. 68 : Cash credits-Capital gains-Exemption-Sale of shares-Report by Investigation Wing-SEBI’s detailed inquiry found no statutory violations-Order of Tribunal deleting the addition and allowing the exemption was affirmed by High Court-SLP delay of 282 days-Delay had not been satisfactorily explained by revenue-SLP dismissed on ground of delay.[S. 10(38), 45, 68, 69 Art, 136]

S. 49 : Capital gains-Previous owner-Cost of acquisition-Immovable property upon liquidation of company in proportion to its shareholding-[S. 45,46(2), 49(iii)(c), 55(2)(b)]