S. 45 : Capital gains-Insurance policy-Maturity value-Gains at time of extinguishment of rights-liable to be treated as capital gains-Cost of acquisition will be taken as amount paid towards premium minus 20 per cent of sum assured, which amount shall be treated as not part of investment, rather towards cost of hedging of risk under insurance policy. [S. 10(10D), 48, 56, 88(2A)]

S. 45 : Capital gains-Capital loss-Indexation-Loss on redemption of shares-Not colorable device-Allowable as capital loss.

S. 45 : Capital gains-Capital loss-Loss on sale of shares of joint venture companies-Capital loss incurred on sale of shares is allowable.

S. 45 : Capital gains-Business income or capital gains-Sale of Godown-Rental income was offered as income from house property-Profit on sale of Godown assessable as long term capital gains-Compensation for relinquishment of right to receive residential Flat under allotment letter-Assessable as capital gains-Interest expenses claimed as part of acquisition-Indexation cost-Matter remanded. [S. 28(i), 48]

S. 44AD : Presumptive taxation-Cash credits-Civil construction-8 Per Cent. of cash deposits to be treated as income-Entire cash deposits in bank account cannot be taxed. [S. 69A]

S. 44BB : Mineral oils-Computation-Non-Resident-Service tax collection-Excluded from gross receipts-Difference in revenue offered to tax and revenue as shown in Form 26AS-Foreign currency rate-Matter remanded. [R. 115(1), From No.26AS]

S. 43B : Deductions on actual payment-Provident Fund-Employees’ contribution-Contribution deposited beyond time but before due date for filing return-Not entitled to deduction. [S. 36(1)(va), 139(1)]

S. 43B : Deductions on actual payment-Accrual basis-Interest on pertaining to earlier years-Allowable in the year of payment. [S. 36(1)(iii), 145]

S. 43B : Deductions on actual payment-No evidence that sum paid before due date of filing of return-Disallowance justified-Remand to Assessing Officer to examine whether actual payment made or not-Service tax paid under protest-Cannot be allowed. [S. 37(1)]

S. 43B : Deductions on actual payment-Employee’s contributions (EPF/ESIC)-Deposited beyond due date stipulated in respective Acts-Disallowance is justified. [S. 2(24), 36(1)(va), 139(1), 143(1)(a)]