S. 68 : Cash credits-Capital gains-Long term capital gains on sale of shares-Demat account for more than 12 months-Entry operator-Sold through stock exchange after payment of security transactions tax-Denial of opportunity of cross examination-Entitle to exemption-Tribunal is justified in deleting the addition-SLP of Revenue is dismissed. [S. 10(38), 45, 69, 133A, Art. 136]

S. 68 : Cash credits-Capital gains-Long term capital gains on sale of shares-Demat account for more than 12 months-Entry operator-Sold through stock exchange after payment of security transactions tax-Denial of opportunity of cross examination-Entitle to exemption-Tribunal is justified in deleting the addition-SLP of Revenue is dismissed. [S. 10(38), 45, Art. 136]

S. 56 : Income from other sources-DCF method-Valuation report by a merchant banker-Assessing Officer is not empowered to value the shares on net valuation method-Directed to exercise of valuation afresh in accordance with DCF method.[S. 56(2)(viib), 56(2)(viic), 260A, R.11UA(2)]

S. 55 : Capital gains-Cost of improvement-Cost of acquisition-Fair market value-Indexed cost-Lease hold land-Rule ID [S. 2(22B), 45, 55(2)(b))(ii), 260A]

S. 54 : Capital gains-Profit on sale of property used for residence-Under construction flat-Possession had been completed within a three years from date of sale of residential house-Entitle to deduction. [S. 45, 260A]

S. 44BB : Mineral oils-Computation-Payment received for providing various services in connection with mining activity would not be chargeable to tax as fees for technical services. [S. 9(1))(vii), 44AD]

S. 43B : Certain deductions only on actual payment-Excise duty-Included in closing stock-No double deduction-Allowable as deduction.[S.145, 260A]

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Genuineness of transaction was in doubt-Order of High Court is affirmed-SLP of assessee is dismissed. [R.6DD(j), Art. 136]

S. 37(1) : Business expenditure-Provision for salary and wages-Justice Palekar Award-Ex-gratia bonus-Allowable as expenditure. [S. 36(1)(ii), 260A, Payment of Bonus Act, 1965]

S. 37(1) : Business expenditure-Payment to Haryana State Agricultural Board-Statutory functioning-Application of income-Allowable as deduction-Penalty order is quashed as the quantum disallowance is deleted. [S.260A, 271(1(c)]