S. 143(3) : Assessment-Transport business—Estimation of income- Tribunal should have adopted same method in case of assessee’s son-Income from shares- Assessable in the hands of individual-Question of fact -Estimation of income–Could not be telescoped. [S. 5, 145]

S. 115JA : Book profit- Company—Provision for bad debts— Amended provision By Finance (No. 2) Act, 2009 with retrospective effect from 1-4-1998 — Matter Remanded to Assessing Officer to decide applicability of the provision.

S. 80P : Co-Operative Bank- Income from sale of goods for public distribution system of State Government under directive of State Government–Ancillary activity–Entitle to deduction. [S. 80P(1)(2)(a)(i), Tamil Nadu Co-Operative Societies Act, 1983, S.2(13)]

S.45 : Capital gains—Computation-Revaluation of assets— Transferred to firm – For the purpose of computing capital gains value of assets recorded in books of the firm on date of transfer would be deemed to be full value of consideration received as a result of transfer Valuation of assets cannot be entertained in appeal. [S. 45,260A]

S. 45 : Capital gains- Business income-No distinction can be made whether borrowed money or own funds–Circular is binding on department -Consistency must be followed -Surplus from sale of shares is assessable as capital gains and not as business income. [S. 28(i)]

S. 37(1) : Business expenditure—Commission—No evidence of services rendered -Disallowance is held to be justified. [S. 133(6),260A]

S. 36(1)(vii) : Bad debt—Non-rural banks written off—Held to be allowable as deduction-Deductible. [S. 36(1)(viia)]

S. 35D : Amortisation of preliminary expenses-Bank extending financial services is an industrial undertaking—Entitled to benefit. [S. 37(1)]

S. 28(1): Business loss–Futures and options-Allowable as business loss. [S. 37(1)]

S. 14A : Disallowance of expenditure-Exempt income–Provision is applicable only from the year 2007 -98 onwards.