S. 68 : Cash credits-Bank deposits-Unexplained money-Estimate of profit-Assessment-Withdrawal and cash deposited in bank-Trading activities-Tribunal was justified in estimating income at rate of 2 per cent of such amount deposited with bank. [S. 143(3)]

S. 68 : Cash credits-Speculation profit-Purchase and sales of commodities-Not registered stock broker-Genuineness of claim was not established-Order of Tribunal affirmed. [S. 115BBE, 133(6)]

S. 45 : Capital gains-Investment in shares, mutual funds and debentures-Short term capital gains-Not assessable as business income-Rule of consistency followed. [S. 28(i)]

S. 45 : Capital gains-Sale of property below circle rate-AO has the jurisdiction to examine the transaction to compute true capital gains. [S. 50C, R. 11UA, Art. 226]

S. 43B : Deductions on actual payment-Electricity-Interim order to deposit electric duty-Money deposited in escrow account-Did not satisfy requirement of amount having been actually paid-Disallowance is held to be justified. [S. 43B(1)]

S. 40A(2) : Expenses or payments not deductible-Excessive or unreasonable-Remuneration to director-Bonus to directors-Rule of consistency-Deletion of addition is held to be justified. [S. 36(1)(ii), 40A(2)(b), Payment of Bonus Act, 1965]

S. 37(1) : Business expenditure-Foreign travel expenditure-Directors-Failure to file any details-Justified in in disallowing 20 per cent of expenditure.

S. 37(1) : Business expenditure-Stock in trade-Interest paid towards broken period on such securities allowable as revenue expenditure.

S. 37(1) : Business expenditure-Referral fees to Doctors-Prohibited by law-Not allowable as revenue expenditure. [Medical Council (Professional Conducts, Etiquettes and Ethics) Regulation Act, 2002 Regulations, 6.4, 6.8 and 8.1].

S. 36(1)(iii) : Interest on borrowed capital-liquidation damages/pre-payment charges-Own interest free funds-Expenditure incurred towards payment of interest on borrowed funds was to be allowed as deduction.