S. 54F : Capital gains-Investment in a residential house-Deposit in specified account-Utilised before date specified under section 139(4)-Entitle to exemption-Refurnishing of new residential house-Habitable-Eligible for deduction [S. 45, 54F(4), 139(4)]

S. 48 : Capital gains-Mode of Computation-Registration expenses for sale of land-Brokerage-Allowable as deduction-Matter remanded to the Assessing Officer for verification. [S. 45]

S. 45 : Capital gains-Property converted into stock in trade-Sale agreement entered into-General power of attorney-Sale is not registered-Sale is not complete on handing over of possession-Sale cannot be chargeable to capital gains tax. [S. 2(47)(v) 28(i), 153C, Transfer of Property Act,1882, S. 53A]

S. 45 : Capital gains-Search-Land dealings-Agreement for sale of land-Benamidar-Protective assessment-Executor of sale, and beneficiary of sale proceeds and other sellers were puppets controlled by assessee-Capital gains taxable in the hands of assessee. [S. 2(14), 2(47), 132,153C, 292C]

S. 44AD :Presumptive basis-Incentive earned for achieving the sales target as per franchise agreement-Part of business turnover-Includible in turnover business-Not chargeable to tax under the head income from other sources-Reimbursement of expenses-Failure to file evidence-Income from house property-Not includible as gross receipts-Interest on fixed deposit-Income from other sources-Cannot be included in business receipts for estimating net profit under section. 44AD. [S. 22, 56, 194IB]

S. 40(a)(ia): Amounts not deductible-Deduction at source-Tax paid before due date of filing of return though beyond stipulated time limit-Cannot be disallowed. [S. 139(1)]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Certificate by Chartered Accountant-Recipient included the income in their assessment-Certificate in Form No 26A is furnished-Disallowance is deleted-Cannot be treated as an assessee in default. [S. 194A, 201(1)]

S. 37(1): Business expenditure-Bogus sub-Contractor-10 percent disallowance is confirmed-Reassessment is affirmed. [S. 147, 148]

S. 37(1) : Business expenditure-Donation to Red Cross Society and Japan relief Fund-Nature of gift cannot be allowed as deduction under section 37(1). [S. 80G]

S. 37(1): Business expenditure-Expenditure on marketing survey-Statement was retracted-Cross examination is not provided-Allowable as deduction. [S. 133A]