S. 45 : Capital gains-Long-term or short-term capital asset-Period of holding-No distinction between unlisted and listed shares for classifying as short-term capital asset. [S. 2(42A), Securities Contracts (Regulation) Act, 1956, S (h)]

S. 43B : Deductions on actual payment-Purchase tax paid on raw materials and packing materials-Set off is allowed against sales tax payable on finished goods manufactured out of them-Deemed actual payment-Allowable as deduction.

S. 43A : Rate of exchange-Foreign currency-Cancellation of forward contract-Capital receipt-Interest portion assessable as revenue receipt-Actual cost of assets-Amendment with effect from 1-4-2003 is not retrospective-Actual payment not condition precedent for adjustment in cost of fixed asset acquired in foreign Currency. [S. 4, 28(1)]

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Purchases from unregistered dealers-Matter remanded.

S. 40(a)(iia) : Amounts not deductible-Wealth tax-Matter remanded.

S. 37(1) : Business expenditure-Credit card expenses-Not produced the evidence-Business development expenses-Foreign Travel Expenses-Not allowable as deduction.

S. 37(1) : Business expenditure-10% ad-hoc disallowance-Transport charges-Self made vouchers-Matter remanded for de novo consideration for verification of all documents. [S. 145]

S. 37(1) : Business expenditure-Expenditure incurred in violation of statutory provisions-Not allowable as deduction-Explanation 1 [Mines And Minerals (Development And Regulation) Act, 1957, S. 4(1a), 21]

S. 37(1) : Business expenditure-Club membership fees-Club service charges-Membership fee allowable as deduction-Amount spent on services is held to be not allowable.

S. 37(1) : Business expenditure-Capital or revenue-Acquisition of equipment-Used by dealer in showrooms-Not allowable as revenue expenditure. [S. 32]