S.28(i): Business loss — Fluctuation in foreign exchange rate was held to be allowable. [ S.37(i) ]

S. 28(i): Business income – Penny stock – Donation- Assessable as business income and not as short-term capital gains, deduction of donation was held to be allowable . [ S. 35,45 ]

S. 28(i) : Business income – Income from house property- License fee to operate hotel for a specified period was held to be assessable as inform from business and not as income from house property [ S. 22 ]

S. 28(i): Business income – Capital gains- Adventure in the nature of trade – Assessable as business income [ S. 2(13), 45 , Foreign Exchange Management (Acquisition & Transfer of Immovable Property in India, Regulation 2000) S. 47 ]

S. 23 : Income from house property – Annual value – Municipal valuation can be a pointer for fetching reasonable rental value, however multiplication factor derived for another property located in different locality, though in same city, cannot be applied blindly.[ S. 22,24 ]

S. 22 : Income from house property – Rental income is held to be assessable as income from house property though the land is not owned by the assesse. [ S. 24, 27(iiib), 56 ]

S. 17 : Perquisite – Amount received by an employee from redemption of Stock Appreciation Rights (SARs) can not be assessed as “perquisite” or as “profits of business” [ S.17(2)(iii), 28(iv), 45 ]

S. 14A : Disallowance of expenditure – Exempt income – When there is no exempt income disallowance cannot be made .[ R.8D ]

S. 14A : Disallowance of expenditure – Exempt income –PSU bonds of NTPC – Disallowance was restricted to 1 percent of exempt income [ R.8D ]

S. 14A : Disallowance of expenditure – Exempt income -No disallowance can be made for securities held as stock in trade- Interest free funds available with assessee , no disallowance can be made [ R.8D, 36(1)(iii) ]