S. 80IB: Industrial undertakings – Initial assessment year – Commenced manufacture in accounting year relevant to Assessment Year 2002-03 — Assessee cannot claim subsequent assessment year as year for initial deduction. [S.80IB(4), 80IB(14)]

S.80I : Deduction for Industrial undertaking – deduction should be given on profit without reducing the deduction u/s.80HH .[ S.80HH ]

S.68 : Cash credits – Share Application Money -In the absence of incriminating material found during search – No addition can be made. [ S. 132, 153C ]

S.45(3) : Foreign exchange forward contract loss – Allowable as business loss and setoff against loss. [ S.28(i) ]

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 ]