S. 68 : Cash credits-Long term capital gains from equities-Penny stock-Tribunal-Duties-Tribunal was not justified in remanding the matter to the Assessing Officer-Order of CIT(A) confirming the addition was affirmed-Order of Tribunal set aside. [S. 10(38), 45, 254(1)]

S. 57 : Income from other sources-Deductions-Interest paid on loans from relatives-Matter reamended. [S. 57(iii)]

S. 54EC : Capital gains-Investment in bonds-Amendment Restricting the investment to 50 lakhs is prospective in nature [S. 45]

S. 54 : Capital gains-Profit on sale of property used for residence-Amount spent on construction-Mere non compliance of a procedural requirement, exemption should not be denied-Order of single judge is affirmed by division Bench. [S.45, 54(2)]

S. 43(1) : Actual cost-Financial assistance for rehabilitation of tsunami damaged roads and bridges, ports and harbours-Interest free loan-Not to be reduced from actual cost. [S.32, 43(1), Explanation 10.]

S. 41 (2) : Profits chargeable to tax-Business loss-Balancing charge-Block of assets-Winding up-Sale value less than written down value-Allowable as business loss. [S. (2(11), 28 to 44DB, 50]

S. 37(1) : Business expenditure-Postage, stationery, courier charges, etc., cost of which were to be recovered from various clients-Allowable as business expenditure.

S. 36(1)(vii) : Bad debt-TDS payment-Sales promoters-Order of Tribunal allowing the claim as bad debt is affirmed. [S. 260A]

S. 32 : Depreciation-Machinery-Put to use less than 180 days-Additional depreciation-Allowable in subsequent assessment year [S. 32(1)(iia)]

S. 32 : Depreciation-Assets leased-Search and seizure-Depreciation allowed is up held. [S.132]