S. 68: Cash credits-Share premium received on issue of shares-Capital or revenue-Capital account transaction-Cannot give rise to income-Addition of entire share premium as unexplained cash credit not sustainable-Delay of 271 days-SLP dismissed on account of delay as well as on merits. [S. 4,Art. 136]

S. 67A : Association persons-Body of individuals-Member’s share-Member of syndicates engaged in liquor business-Share of assessee in income of syndicate-Not taxable when association of persons taxed at maximum marginal rate-No substantial question of law.[S.2(31),86, 167B, 260A.]

S. 67A : Association persons-Body of individuals-Member’s share-Member of syndicates engaged in liquor business-Share of assessee in income of syndicate-Not taxable when association of persons taxed at maximum marginal rate-SLP of revenue dismissed. [S.2(31),86, 167B, Art. 136]

S. 45 : Capital gains-Capital Asset-Agricultural Land-Sale of plot of land-Revenue records not conclusive-Negligible agriculiral income-Concurrent findings of fact-Order of Tribunal affirmed. [S. 2(14)(iii),260A]

S. 45 : Capital gains-Capital Asset-Agricultural Land-Sale of plot of land-Revenue records not conclusive-Negligible agricultural income-Concurrent findings of fact-SLP of assessee dismissed. [S. 2(14)(iii), Art. 136]

S. 43B : Deductions on actual payment-Interest on term loan paid to bank allowable u/s 43B(d) even if not debited to P&L account and not claimed in return/revised return-NBFC-Interest on NPAs not taxable on accrual-Interest on recurring deposits created as sinking fund taxable only on maturity where both principal and interest were payable only on maturity and entire interest was offered in year of maturity. [S. 43B(d), 43D]

S. 43B : Deductions on actual payment-Interest on term loan paid to bank allowable u/s 43B(d) even if not debited to P&L account and not claimed in return/revised return-NBFC-Interest on NPAs not taxable on accrual-Interest on recurring deposits created as sinking fund taxable only on maturity where both principal and interest were payable only on maturity and entire interest was offered in year of maturity-Delay of 385 days-SLP of revenue dismissed on account of delay as well as on merits. [S. 43B(d), 43D, Art. 136]

S 37(1):Business expenditure-Capital or revenue-Depreciation-Interest-Replacement of old machinery, pollution-free, is revenue expenditure-Fly Ash handling system 100 per cent depreciation allowed-Interest provision-Not allowable as paid. [S. 32, 43B]

S. 37(1) : Business expenditure-Non-resident-Temporary lull in business and not cessation-Mere absence of subsisting contract or office in India not decisive-Continuous correspondence and bidding activity showed business connection in India-Business expenditure allowable-Set-off against interest on tax refund permissible-Unabsorbed depreciation allowable to be carried forward and set off. [S. 2(13), 4, 5(2), 9(1)(i), 32(2), 71]

S. 36(1)(iii) : Interest on borrowed capital-Investment company-Commercially expedient-Difference between interest received and paid by assessee for purpose of business-Deletion of disallowance was affirmed-SLP dismissed. [S. 37(1), Art. 136]