S. 133A : Power of survey – Statement recorded u/s. 133A of the Act does not hold any evidentiary value without any corroborative evidence-Deletion of addition is held to be justified.

S. 68 : Cash credits – Gain from off market trading in commodities – Statement of the broker that his company had not made any off market transactions with other clients–AO based on the statement assumed that transactions were not genuine–All details filed and even broker confirmed transactions–AO further denied set off against loss from F & O market–Addition deleted. [S. 115BBE]

S. 56 : Income from other sources-AO can scrutinize the valuation report and determine a fresh valuation either by himself or by calling from independent valuer to conform the assessee but the basis has to be DCF method.

S. 54 : Capital gains-Profit on sale of property used for residence – Exemption cannot be denied on the ground that investment in new flat is out of loan funds if other conditions are fulfilled. [S. 45]

S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability–Provision can be invoked only if deduction of the very same sum is allowed in earlier years.

S. 37(1) : Business expenditure–Sales promotion expenses-Gifts to various customers-No expenditure shall be allowed as deduction in case assessee is unable to establish the nexus between incurrence of expenditure with the business activities.

S. 36(1)(iii) : Interest on borrowed capital–Interest paid on funds borrowed for the purpose of business activities are allowed as business expenditure/revenue expenditure. [S. 37(1)]

S. 32 : Depreciation-Additional depreciation–S. 32(1)(iia) would not restrain the assessee from claiming the balance of the benefit of additional depreciation in the subsequent assessment year. [S. 32(1)(iia)]

S. 32 : Depreciation–Assessee took over cement undertaking as a going concern for purchase consideration and also issue of shares –AO disallowed depreciation to the extent of shares issued by debiting the goodwill account–Held that, even if the consideration in the form of shares was paid for purchase of goodwill, this payment could be considered as payment for acquiring brands of the demerged company, on which depreciation was allowable.

S. 28(i) : Business income – Income from house property – Assessee is not merely letting out its premises for warehousing but were doing complex commercial activity hence to be treated as business income. [S. 22]