S. 45 : Capital gains-Long term capital gains-Tenancy right is converted into owneership-Date of transfer-Consent term-Confirming party-Deed of confirmation or deed of consent term or registration-Matter remanded to the Tribunal for re adjudication. [S. 2(27), 50C, 254(1), 260A]

S. 45 : Capital gains-Business income-Sale of properties-Assessable as capital gains and not as business income-Rule of constancy followed. [S. 22, 28(i), 260A]

S. 43D : Public financial institutions-Section 43D read with Rule 6EB is a complete code-Directions issued by National Housing Bank (NHB) do not override section 43D in matter of computation of taxable income. [S.43D, R.6EB, Art.136]

S. 43B : Certain deductions only on actual payment-VAT, Entry Tax, CST-Not claimed as deduction-No disallowance can be made. [S. 139(1)]

S. 37(1) : Business expenditure-Creation of a reserve fund and transfer certain amount to such reserve as per section 45-IC of Reserve Bank of India Act, 1934-Not allowable as deduction. [S.115JB, Reserve Bank of India Act, 1934 S. 45-IC.]

S. 37(1) : Business expenditure-Securities held as stock in trade-Interest paid for broken period allowable as deduction-Rights issue of Fully Convertible Debentures (FCDs)-Expenditure on account of printing expenses, advertisement, professional fees, stamp duty and filing fees, bank charges, packages, etc-Allowable as deduction.

S. 37(1) : Business expenditure-Not shown any income from money lending business-No interest income-Expenditure is not allowable as deduction-SLP of assessee is dismissed. [S. 56, Art. 136]

S. 32 : Depreciation-Building-Building structure had been standing for 20 years and it was renovated and beautified for use as a conference hall-Only 10 per cent depreciation is allowable-Not a temporary structure-Delay of 344 days in filing SLP-Delay is not condoned. [Art. 136]

S. 28(i) : Business income-Income from house property-Business of purchase and renting properties-Rule of consistency is followed-Order of Tribunal assessing the rental income as income from house property is set aside.[S. 22, 260A]

S. 28(i) : Business income-Income from other sources-Fixed deposit interest-Short term deposit for opening LC or other business purposes-Matter remanded to the Assessing Officer-Order of High Court is affirmed.[S. 56, Art. 136]