S. 260A : Appeal-High Court-Interest on borrowed capital-Travel expenses-Question of fact-Order of Tribunal affirmed. [S. 36(1)(iii), 37(1)]

S. 260A : Appeal-High Court-Jurisdiction-Registered Office at Bangalore-Appeal filed at Delhi is not maintainable-Liberty is given to file appeal having jurisdiction.

S. 245C : Settlement Commission-Settlement of cases-Full disclosure, co-operation with Commission-Disclosing Foreign Bank Accounts and extent of money available in them and filing affidavit narrating transfer of funds-Offer to be treated as true and full disclosure-Not to be treated as non-Co-operation-Mandatory personal hearing was not granted-Violation of principle of natural justice-Matter remanded to Settlement Commission. [S. 245D, 245D(3), Income-Tax Settlement Commission (Procedure) Rules, 1997, R. 6, 8, 9,9A, 15 Art. 226]

S. 226 : Collection and recovery-Modes of recovery-Pendency of appeal before CIT(A)-Freezing of bank accounts and demand recovered-Directed to file application to expedite hearing before National Faceless Appeal Centre. [S. 246A, Art. 226]

S. 220 : Collection and recovery-Assessee deemed in default-Stay of demand-Commissioner (Appeals) being Quasi-Judicial Authority is not bound by administrative circulars issued by Central Board Of Direct Taxes-Deposit of 20% of the outstanding demand is not mandatory-CIT(A) has to apply is mind independently-Matter remanded. [S. 220(6), 246A, Art. 226]

S. 220 : Collection and recovery-Assessee deemed in default-Stay of demand-Deposit of 20 Per Cent. of demand-Order is held to be justified. [Art. 226]

S. 197 : Deduction at source-Certificate for lower rate-Certificate of nil deduction-Non-Resident-Payments received from ONGC for work done inside and outside India-Powers of Assessing Officer while considering application for certificate-Difference of opinion between members of division bench-Matter to be referred to appropriate Bench-DTAA-India-The United Arab Emirates. [R. 28, 28AA, Art. 7]

S. 154 : Rectification of mistake-Book profits-Amounts disallowed under Section 14A cannot be added back to book profits-Debatable issue rectification order is not valid. [S. 14A, 115JB]

S. 153A : Assessment-Search or requisition-Undisclosed income-Amounts credited to employees account-Admission by employees that the amount belong to the assessee-Peak and gross profit theory-Not accepted-Addition is held to be justified. [S. 132, 133A]

S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Request for adjournment to file response not granted-Assessing authority obliged to decide dispute in respect of a mount involved in transaction with reference to material submitted by assessee. [S. 148, 149, Art. 226]