S. 54F : Capital gains-Investment in a residential house-Invested sale proceeds of old asset in new property before due date of filing belated return and took possession within three years-Entitled to exemption though she had not invested sale proceeds in Capital Gain Account Scheme before due date of filing of return under section 139(1). [S. 45, 139(1)]

S. 45 : Capital gains-Purchase and sale of land-Assessable as capital gains and not as business income. [S. 28 (i)]

S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Outstanding for more than three years-Addition cannot be made as cessation of liability.

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Amendment made to section 40(a)(ia) by Finance Act, 2010 inserting proviso therein would apply retrospectively with effect from assessment year 2005-06.

S. 37(1) : Business expenditure-Wholly and exclusively-Remuneration paid to promoter-Director-Consultation-Allowable as deduction though not attended the office for six years.

S. 37(1) : Business expenditure-Capital or revenue-Hotel business-Renovation and repair of hotel rooms is allowable as revenue expenditure.

S. 36(1)(vii) : Bad debt-Income offered as income-Reduced from asset side of balance sheet-Order was set aside. [S. 36(2)]

S. 35 : Scientific research-No product was manufactured in a particular unit-Allocation of expenses is held to be not justified-Research and development-Capital expenditure towards research and development R & said expenditure was to be excluded from toil capital expenditure while allowing expenditure on R & D units.

S. 28(i) : Business income-Electricity company-Electricity distribution-Efficiency gain amount which was not refunded to customers, said surplus fund being at disposal of State Electricity Regulatory Commission, could not be included in business profit. [S. 4]

S. 4A : Disallowance of expenditure-Exempt income-Insurance Company-Provision not applicable-Ground not raised before the Tribunal cannot be argued before the High Court. [S. 44, 260 A]