S. 43CA : Transfer of assets-other than capital assets-Full value of consideration-Stock in trade-Agreement value-Stamp valuation-Benefit of proviso available retrospectively, Addition to be determined on the basis of fair market value determined by DVO.[S. 50C]

S. 43(5) : Speculative transaction-Foreign exchange fluctuation-Hedging-loss arising on forwards contract cancelled by the assessee prior to the date of settlement-Not speculative-Allowable as business loss. [S. 28(i), 43(5)(a)]

S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Sundry creditors outstanding for more than three years-Credit not written off in assessee’s books-Not to be treated as income. [S. 4, 28 (i)]

S. 40(a)(ia): Amounts not deductible-Deduction at source-CIT(A)’s deletion of additions made by Assessing Officer for non-deduction of TDS on Labour Contract Expenses, accepting that subcontractors had declared and paid taxes on the income stands ratified.

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Commission-Sale of prepaid sim card at discounted price to distributors-Difference between maximum retail price and discounted price not commission on which TDS is required-disallowance of discount not justified. [S. 194H]

S. 40(a)(ia): Amounts not deductible-Deduction at source-Payment of freight charges to transporters after obtaining PAN of transporters-No disallowance is called for.[S.194C(6), 194C(7)]

S. 40(a)(ia): Amounts not deductible-Deduction at source-Salary to partners-Not liable to deduction of tax at source-Deletion of disallowance is affirmed.[S. 15, Explanation 2,192 194D]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Additional evidence-NBFC had taken into account interest paid by the assessee while computing the income-Matter remanded to the file of the Assessing Officer. [Form No 26A]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Contractors/sub-contractors-Obtained PAN of transporters-Mere violation of provisions of s. 194C(7) would not attract disallowance. [S. 194C(6), 194C(7), R. 31A(4)(vi)]

S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident-Payment of licence fee to holding company-Assessee submitted Certificate from Chartered Accountant and return and computation of income of payee which Showed that payee had disclosed payment in its return and paid taxes thereon-Held, as per Indo-Israel DTAA Income in question not chargeable to tax in India in hands of Non-Resident-No disallowance can be made-DTAA-India-Israel.[S. 201]