S. 45 : Capital gains-Land sold after a gap of 13 years-Assessable as capital gains and not as business income-Cost of acquisition-Matter remanded. [S.28(i), 55]

S. 45 : Capital gains-Agreement for sale-Conveyance was made on 22-5-2007-Capital gains taxable in the assessment year 2008-09.[S. 2(31)(v), 2(47)(v)]

S. 45 : Capital gains-Business income-Mere fact that assessee-AOP purchased and made construction thereon itself would not be sufficient to hold that income earned on such sale of property would qualify as business income and same would be taxable as capital gains. [S. 2(31)(v), 28(i)]

S. 44BB : Mineral oils-Computation-Non-resident-Business profits- Supply/lease/hire of rigs to be used for drilling and exploration of mineral oils-Amount received is covered under provisions of section 44BB and taxable on gross basis at rate of 10 per cent-DTAA-India-Malaysia [S. 9(1)(vi), 115A,Art.12]

S. 43(5) : Speculative transaction-Derivatives-Matter remanded back to the Assessing officer for verification.

S. 43(5) : Speculative transaction-Hedging transactions-Trading in edible oils-Connected commodities-Bad debt-Receivable from high seas transactions-Matter remanded. [S. 36(1)(vii)]

S. 40A(3) :Expenses or payments not deductible-Cash payments exceeding prescribed limits-Purchase of old vehicles through agent-Disallowance is deleted.[R.6DD(k)]

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Lorry transport business-Sub-contractors-Did not come under any exception-Disallowance is affirmed. [R.6DD]

S. 40(a)(ia): Amounts not deductible-Deduction at source-Late payment charges-Delayed payment to broker for share trading activity-Not interest-Not liable to deduct tax at source.[S. 2(28A) 194A]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Contractors-Handling charges-Not liable for deduction of deduction of tax at source on demurrage and railway sidling charges for delayed clearance. [S. 194C]