“Section 91(2)”

Income cannot be assessed on purely notional figures or mere suspicion; it must be based on actual evidence and supporting material demonstrating its accrual or receipt by the assessee. Assessments made without such evidence are bad-in-law.

The revenue cannot question the commercial expediency or wisdom of an expenditure incurred by a businessman, as the businessman is the best judge of their own business interests. The department's role is limited to verifying if the expenditure was genuinely incurred and was wholly and exclusively for business purposes.

An institution carrying out charitable objects, such as education or advancement of general public utility, does not lose its Section 11 exemption merely by collecting fees for activities like campus placements or educational guidance, as this does not constitute carrying on a business.

Section 43B does not apply to electricity duty collected by an assessee under the Electricity Duty Act, as such amounts are not 'sums payable by the assessee by way of tax or duty'. The decision also clarifies the applicability and calculation of book profits under Section 115JB.

The requirement to file Form 67 by the due date for claiming foreign tax credit is directory, not mandatory, if filed before the completion of assessment proceedings.

A notification issued under section 90(3) may supersede a Double Taxation Avoidance Agreement (DTAA) between India and another country, depending on its effective date. The taxability of income from immovable property under a DTAA, read with a relevant notification, is a key issue.

The ITAT held that failure to file Form 67 by the due date for filing the return of income is not fatal to the claim for foreign tax credit. The appellate authority can condone the delay in filing Form 67.

Whether particulars furnished by the assessee are true and correct or whether they are inaccurate and inaccurate to the assessee's knowledge, are questions requiring factual inquiry before imposing penalty.