S. 48 : Capital gains – Computation – Diversion by overriding title — Sale proceeds paid to mortgagee — Not entitled to deduction.[ S.45 ]

S. 45 : Capital gains – Purchase and sale of shares – Not assessable as business income [ S.28 (i), 88E ]

S. 44BB : Mineral oils – Computation -Providing off shore seismic data acquisition and processing services to ONGC in Bombay High — Payment to non-resident companies – Not royalty – Taxable under section 44BB .[ S.9(1)(vi)]

S. 43(5) : Speculative transaction -Transaction supported by time stamped contract notes issued by stock broker — Not speculative . [ S.43(5)(d) ]

S. 40A(2): Expenses or payments not deductible – Excessive or unreasonable -Remuneration to director- Matter remanded to CIT (A)

S. 37(1) : Business expenditure – Service tax paid to Government through not recovered allowable as business expenditure – Difference between invoiced amounts and foreign exchange rate fluctuation declared as income – Allowable as bad debt- Liquidated damages claimed whether revenue or capital – Dismissal of claim – Question is academic [ S.36(1)(vii), 36(2), 43B, 115JB, 245R ]

S. 35 : Scientific research – Amount spent by 100 Per Cent. Export Oriented Industrial undertaking – Entitle to deduction [ S.10A, 10B, 35 (2AB ) ]

S.32:Depreciation — Unabsorbed depreciation — Carry forward and set off — Amendment of section 32(2) W.E.F. 1-4-1997 – Limitation for carry forward and set off is eight Years .[ S.32 (2)]

S.32:Depreciation — Unabsorbed depreciation — Amendment of Section 32(2) by Finance Act, 2001 — Unabsorbed depreciation or part — Carry forward and set of permitted till final set-off [ S.32 (2) ]

S. 14A : Disallowance of expenditure – Exempt income -Recording of satisfaction is mandatory- Disallowance was deleted [ R.8D ]