Interpretation of taxing statutes–Literal construction-Exemption provisions-Assessee Must Strictly Comply With Conditions. [[S. 10B(5), 10B(8), 72, 80, 139(1), 139(3), 139(5)]

S. 279 : Offences and prosecutions-Sanction-Chief Commissioner-Commissioner-Wilful attempt to evade tax-Application for compounding of offences-Limitation-Show-cause notice issued for rejection of compounding of offences on ground of Bar of limitation relying on Circular issued by Central Board of Direct Taxes-Circular cannot override statutory provision-Authority to consider application in accordance with law. [S. 276C, 277, 278B, 279(2), Art. 226]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Issue not referred in the notice of revision-Order of revision on such issue-Not valid. [S. 40A(2)(b)]

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Disallowance of expenditure-Exempt income-Formula not applicable to AY. 2002-03-Revision is held to be not valid. [S. 14A,R. 8D]

S. 260A : Appeal-High Court-Valuation of stock-Valuation adopted by Revenue valid-No question of law. [S. 145]

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]