Punjab and Haryana High Court in Himalaya Construction (P.) Ltd SEPTEMBER 3, 2015 [2015] 64 taxmann.com 373 (Punjab & Haryana) held that order passed without considering the overall material on record including the reply to the show-cause notice submitted by the petitioner and without detailed reasons on the issues regarding the jurisdiction of the adjudicating authority is against the principles of natural justice and there fore can be set aside in writ jurisdiction despite alternate appeal remedy

Allahabad High Court in U. P. Rajkiya Nirman Nigam Ltd on 04-07-2013 had held that where books of account are not closed and not signed by Board of Directors and not adopted by shareholders as per Companies Act, it is legally permissible to make adjustments before they are finally adopted , therefore, where accounts of assessee were open and subject to correction by auditors, bad debts could be written off even after closure of accounting period, as there is neither any condition nor any provision under section 36(1)(vii), that writing off of bad debt should be done in relevant previous year, i.e., before end of financial year. Supreme Court has admitted SLP of the revenue on this issue on 23-11-2015

Revision proceedings by CIT on the issue of purchase of new house partly from owned funds and partly from housing loan quashed by ITAT Hyd in Smt. Sumathi Gedupudi [2015] 64 taxmann.com 382 (Hyderabad - Trib.) holding that money has no colour and it is sufficient if requisite amount is invested in new house irresepective of whether it comes from direct sale proceeds or any other source including borrowed funds. ITAT further held that the issue of granting deduction/exemption under S.54F on the borrowed money is a debatable issue and revision proceedings can not be under taken where two views are possible