S. 45 : Capital gains–Transfer–Allotment letter-Long term-Short term-Assessee in possession of sheds since date of allotment-Assessee Paying Amounts Due Under Agreement-Sale deed executed on 11-1-1996-Transfer of sheds in same year-Assessable as long-term capital gains. [S.2(42A), 2(47)(v)]

S. 43B : Deductions on actual payment- Entry tax is held to be allowable as deduction.

S. 37(1) : Business expenditure-Contribution to death relief fund for employees-Entitled to deductions. [S. 40A(9)]

S. 37(1) : Business expenditure-Compensation paid is held to be not allowable–Payment was held to be not genuine–No question of law. [S. 260A].

S. 37(1) : Business expenditure-Once prior period income is held to be taxable ,prior period expenses is held to be allowable. [S. 145]

S. 37(1) : Business expenditure—Capital or revenue-Expenditure for obtaining Licence to operate telecommunication services— Held to be revenue expenditure. [S. 35ABB]

S. 35 : Scientific research-Advance paid for research and development equipment is held to be allowable expenditure. [S. 35(1)(iv)]

S. 31 : Repairs-Expenditure on replacement of dies and moulds is held to be current repairs. [S. 37(1)]

S. 28(i) : Business loss-Advance of loans-Investment in shares constituted stock in trade–Loss on shares held to be allowable as business loss.[S. 37(1)]

S. 10B : Export oriented undertakings-Derived from-Dividend income, profits on sale of fixed assets, profits on sale of investments, excess provision return back, duty drawback and interest income could be said to have direct nexus with the income of the business of the undertaking-Eligible deduction. [S. 10A, 10B(4)]