S. 68 : Cash credits-Capital gains-Exemption-Sale of shares-Report by Investigation Wing-SEBI’s detailed inquiry found no statutory violations-Order of Tribunal deleting the addition and allowing the exemption was affirmed by High Court-SLP delay of 282 days-Delay had not been satisfactorily explained by revenue-SLP dismissed on ground of delay.[S. 10(38), 45, 68, 69 Art, 136]

S. 49 : Capital gains-Previous owner-Cost of acquisition-Immovable property upon liquidation of company in proportion to its shareholding-[S. 45,46(2), 49(iii)(c), 55(2)(b)]

S. 43(5) : Speculative transaction-loss on purchase and sale of shares and securities as business loss-Controversy between assessee and revenue no longer survived in view of settlement of dues under Direct Tax Vivad Se Vishwas Scheme, 2024, SLP filed by assessee against impugned order of High Court had been rendered infructuous [Art. 136]

S. 37(1) : Business expenditure-Mark to market loss on derivative-Swap contract loss-Hedge-Foreign exchange loss-Accrued and subsisting liability-Not merely a contingent or hypothetical liability-Allowable as deduction-Accounting Standard 11.[S. 145]

S. 36(1)(vii) : Bad debt-Business loss-Guarantee assistance on market value basis-Pledging of shares-Loss incurred by assessee was for business expediency of group company hence such loss/debt should be treated as having been incurred for purpose of business and directly relatable to business of assessee and eligible for deduction as loss or bad debt. [S. 28(1), 36(2)]

S. 36(1)(iii) : Interest on borrowed capital-Advance to subsidiary-Share application money without charging interest-Commercial expediency and in normal course of its business activities-High Court affirmed the order of Tribunal-Delay of 295 days in filing SLP which had not been satisfactorily explained by revenue-SLP dismissed on ground of delay and question of law, if any, would be kept open.[Art. 136]

S. 36(1)(iii) : Interest on borrowed capital-Land was used for agricultural purposes-High Court held that since there was no evidence to show that land was used for purpose of business of assessee, interest paid in respect of loan borrowed for purchasing said land could not be allowed as a deduction-SLP filed against order of High court was dismissed as withdrawn.[Art. 136]

S. 32 : Depreciation-Unabsorbed depreciation from assessment year 1999-2000 could be set off against long term capital gains for assessment year 2002-03-Matter remanded.[S. 32(2), 72, 154, 260A]

S. 28(i) : Business loss-Derivatives arising from future option-set-off of this loss against profit earned from sale of a land along with development rights-Controversy settled under Direct Tax Vivad Se Vishwas Scheme, 2024-SLP dismissed as infructious. [Art. 136]

S. 28(i) : Business income-Foreign exchange fluctuation gain-Delay of 825 days-Delay was not satisfactorily explained-SLP of revenue dismissed. [Art. 136]