S. 54 : Capital gains-Profit on sale of property used for residence- -Investment in purchase of new residential property up to date of filing of his revised return- Entitle to exemption. [S. 139(5)]

S. 45 : Capital gains-Business income-Shares held as investment–Recorded as investment in the books of account at the time of purchase and from year to year–Sale consideration cannot be assessable as business income.[S. 28(i)]

S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability–Waiver of interest and LIC guarantee fee-Not claimed as deduction in earlier years-Addition cannot be made– Adjustment of carry forward of losses and depreciation-Matter remanded to CIT(A) for read judication.

S. 40(a)(ia) : Amounts not deductible-Deduction at source–Hiring charges for use of cranes–Payment being not contractual – Not liable to deduct tax at source. [S. 194C]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Contractor-PAN of transporters at time of payment of freight was collected–Disallowance cannot be made. [S. 194C(6), 194C(7)]

S. 37(1) : Business expenditure-Prior period expenses–Method of accounting -Bills received during the year–Liability crystallised during the year–Allowable as deduction. [S. 145]

S. 37(1) : Business expenditure–Interest-Commercial expediency –Unrelated parties-Payment was made as part of contract– Disallowances cannot be made. [S. 36(1)(iii)]

S. 37(1) : Business expenditure-Indian subsidiary-Head office- Payment to holding company for providing services-Matter remanded.

S. 36(1)(viii) : Eligible business-Special reserve–Development of housing-Long term finance-Construction/purchase of residential houses- Not entitle to deduction in respect of income from loans given for individual residential houses.

S. 36(1)(viia) : Bad debt-Provision for bad and doubtful debts- Schedule bank-Co-operative bank- Eligible for deduction of provision for doubtful debt and loss assets to extent of 7.5 per cent of business income (computed before making any deduction under this clause and Chapter VIA). [S. 37(1)]