S. 54EC : Capital gains-Investment in bonds-Amendment Restricting the investment to 50 lakhs is prospective in nature [S. 45]

S. 54 : Capital gains-Profit on sale of property used for residence-Amount spent on construction-Mere non compliance of a procedural requirement, exemption should not be denied-Order of single judge is affirmed by division Bench. [S.45, 54(2)]

S. 43(1) : Actual cost-Financial assistance for rehabilitation of tsunami damaged roads and bridges, ports and harbours-Interest free loan-Not to be reduced from actual cost. [S.32, 43(1), Explanation 10.]

S. 41 (2) : Profits chargeable to tax-Business loss-Balancing charge-Block of assets-Winding up-Sale value less than written down value-Allowable as business loss. [S. (2(11), 28 to 44DB, 50]

S. 37(1) : Business expenditure-Postage, stationery, courier charges, etc., cost of which were to be recovered from various clients-Allowable as business expenditure.

S. 36(1)(vii) : Bad debt-TDS payment-Sales promoters-Order of Tribunal allowing the claim as bad debt is affirmed. [S. 260A]

S. 32 : Depreciation-Machinery-Put to use less than 180 days-Additional depreciation-Allowable in subsequent assessment year [S. 32(1)(iia)]

S. 32 : Depreciation-Assets leased-Search and seizure-Depreciation allowed is up held. [S.132]

S. 28(iv) : Business income-Value of any benefit or perquisites-Converted in to money or not-One time settlement with bank-No reply was received from bank in response to notice issued under section 133(6)-Failure to produce books of account-Matter remanded to the Assessing Officer. [S. 41(1), 133 (6)]

S. 28(iiic) : Business income-Duty Customs or Excise repaid-Capital asset-Project was not in operation Reduce cost of project-Cannot be assessed as income. [S. 4, 145]