S. 45 : Capital gains-Sale of shares-Long term capital gains-Purchase and sale of shares through security broker by online portal and, Securities transaction tax was also paid-Addition cannot be made as cash credits-Denial of exemption is not justified-Reassessment is held to be valid. [S. 10(38), 68, 147, 148]

S. 45 : Capital gains-Relinquishing rights to claim specific performance by conveyance in respect to an immovable property-Assessable as capital gains and not as income from other sources [S. 2(14), 2(47), 56]

S. 45 : Capital gains-Transfer-Sale deed executed-Sale transaction could not materialise-Posted cheque issues dishonoured-Not liable to capital gain tax. [S. 2(47)(v)]

S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Waiver of principal amount of loan-Not chargeable to tax.

S. 40A(2) : Expenses or payments not deductible-Excessive or unreasonable-Real estate development-Collaboration agreement-Financial and technical assistance-Commercial expediency-Disallowance is held to be not valid.

S. 40(a)(ia) : Amounts not deductible-Deduction at source-lease rentals-lease under finance lease arrangement, no tax at source was to be deducted-Disallowance is held to be not valid. [S. 194C, 194I]

S. 37(1) : Business expenditure-Payment of rent allowable as revenue expenditure.

S. 37(1) : Business expenditure-Prepaid expenses-Matter remanded. [S. 145]

S. 37(1) : Business expenditure-Ad-hoc disallowance-When the books of account is not rejected-No disallowance can be made [S.144C, 145]

S. 37(1) : Business expenditure-Remuneration from various firms-Expenditure salary and wages to staff, postage, Travel and conveyance and legal fees etc. for earning such business income as claimed by assessee would be allowable-Income from other sources-Deduction-Matter remanded. [S. 57(iii)]