S.45: Capital gains – No cost of acquisition of TDR (Development rights) – Not liable to capital gain tax.

S. 45: Capital gains – Land – Survey – Statement -There was no building on the land which was subject to depreciation – Rent was received only in respect of land – Provision of S.50 cannot be applied merely on the basis of statement in the course of survey [ S.50 ,133A, 194I ]

S. 44: Insurance business – Loss from Jeevan Suraksha fund cannot be added while computing the income from insurance business. [(S. 10(23AAB) ]

S. 41(1) : Profits chargeable to tax – Remission or cessation of trading liability – Remission of loan by Government of Maharashtra cannot be assessed u/s 28(iv) or 41(1) of the Act – Order of Tribunal is affirmed [ S.28(iv )]

S.41(1) : Remission or Cessation of trading liability – Waiver of loan – OTS Scheme -Addition can not be made in to the income in respect of waiver of principal loan which was utilised for acquisition of capital assets . [ S. 28(iv)]

S.37(1) : Business expenditure : Bank NRI deposits mobilisation expenditure – replacement of shares – Held to be allowable.[ S.44AC ]

S.37(1) :Business expenditure – Commission paid to the foreign agents for having worked on behalf of the Assessee in procuring sales is held to be allowable- Business Loss – No colourable device employed by Assessee in the process sale of shares at low price- Loss is held to be allowable .[ S.28(i) ]

S.37(1) : Business expenditure – Capital or revenue – Bank NRI mobilisation expenditure – Amount paid to vacating the premises – Held to be allowable

S.32: Depreciation –Special foundation of windmill – 80% depreciation allowed on Civil Construction, electrical and other non-integral part of installations as against 15% restricted by the AO .

S.28(i) :Business loss – Business expenditure — Obsolescence allowance — Write of off obsolete stock – Allowable as business loss .[ S. 37(1) 145A]