S. 45(4) : Capital gains-Distribution of capital asset-Transfer-Dissolution of firm-Revaluation of assets and credit to capital accounts of partners-Introduction of new partners-Withdrawal of credit from capital account-Otherwise-Firm is liable to pay capital gains tax- Review petition is dismissed . [S. 2(47)(ii), 47(ii), 50]

S. 45 : Capital gains-Long term capital gains from equities-Survey-Report from investigation wing-Accommodation entries-Kolkata based companies-Order of Tribunal allowing the claim is affirmed. [S. 10(38), 68, 69, 133A]

S. 43B : Deductions on actual payment-Any sum received from employees-No deduction is available to employer in respect of deposit of employees’ contribution of PF and ESI beyond due date prescribed in relevant Acts. [S. 36(1)(va), 260A)

S. 37(1) : Business expenditure-Repairs and maintenance-Details produced-Disallowance of expenditure is held to be not justified.

S. 37(1) : Business expenditure-Capital or revenue-Current repairs-Steel rolling mill-Expenditure incurred for replacement of steel rolls is revenue expenditure. [S. 31]

S. 28(i) : Business loss-Burden of proof-Search-Order of Tribunal allowing the loss is held to be perverse-Order of Tribunal is set aside.[S. 132, 153A, 254(1)]

S. 14A : Disallowance of expenditure-Exempt income-Not recording of satisfaction-Own funds-Order of Tribunal deleting the addition is affirmed. [R. 8D (2)(ii)]

S. 12AA : Procedure for registration-Trust or institution-Genuineness of activities-Order of Tribunal directing the Commissioner to grant registration is affirmed. [S. 12A]

S. 11 : Property held for charitable purposes – Hospital – Providing medicines and medical aid to needy and poor people – Free distribution of medicines – Tribunal was justified in allowing application of income on account of free distribution of medicines. [S. 133(6)]

S. 4 : Charge of income-tax – Sales tax subsidy – Issue attained finality in assessment year 2002 -03 – Order passed by Tribunal for relevant assessment year was not required to be given effect and order passed by Commissioner (Appeals) was restored. [S. 250]