S. 45(3) : Capital gains-Transfer of capital asset to firm-Firm-Partner-Tranfer at book value-Revaluation of asset by firm-Tranfer of land to partnership firm only agreed value agreed between partners at which asset is transferred by a partner to firm has to be considered-Addition cannot be made on notional basis. [S. 10(2A), 147, 148]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Commission on sale oof lottery tickets-Amount transferred to retailers-Agents-No obligation to deduct tax while transferring incentives to retail vendors. [S. 194G, 194H]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-PAN of transporrters are reported in form no 26Q-No disallowance can be made for failure to deduct tax at source-Discount to customers not rent-Failure to deduct tax at source-No disallowance can be made. [S. 194C(6), 194C(7), 194I Form No. 26Q]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Bank charges-Bank guarantee commission-Fee charged by bank-Not liable to deduct tax at source. [S. 194H]

S. 37(1) : Business expenditure-Provident fund, contribution to unrecognized provident funds-Allowable as deduction. [S. 36(1)(iv), 40A(9)]

S. 37(1) : Business expenditure-Contractual liability-Expatriate cost-Matter remanded.

S. 32 : Depreciation-Unabsorbed depreciation-Period of carry forward-In view of amended section 32(2) by Finance Act, 2001 with effect from 1-4-2002, unabsorbed depreciation of assessment year 1997-98 could be allowed to be carried forward and set-off after a period of 8 years. [S. 32(2)]

S. 32 : Depreciation-Extraction and processing of iron ore amounts to production-Entitled for additional depreciation. [S. 32(1)(iia), 32A]

S. 32 : Depreciation-Generation of electricity-Entitled for additional depreciation. [S. 32(1)(iia)]

S. 32 : Depreciation-Beneficial owner-Car registered in the name of Director-Depreciation, TRO expenses and insurance chrges are allowable as business expenditure. [S. 37(1)]