S. 73 : Losses in speculation business-Futures and options derivative transactions-Deriving 69 Per Cent. of its gross total income from various heads-Explanation is not applicable-Business loss and can be set off against other business income-Derivatives carried out in recognised Stock Exchange through registered stock broker-Transaction not deemed to be speculative transaction-Eligible to be set off-Apportionment of expenditure is directed to be followed. [S. 28(i), 43(5)(d)]

S. 69 : Income from undisclosed sources-Bogus purchases-Books of account not rejected-Deletion of addition is affirmed. [S. 133A, 144]

S. 68 : Cash credits-Advance paid for acquisition of Lands through mediator-Refund of money-Addition cannot be made as cash credits.

S. 68 : Cash credits-Share capital-Identity, creditworthiness and genuineness established-Addition deleted-Enhancement by CIT (A) was quashed. [S. 131, 251(2)]

S. 68 : Cash credits-Issue of shares at premium-Based on share valuation-Identity and creditworthiness is established-Addition is held to be not valid. [S. 133(6)]

S. 56 : Income from other sources-Real estate developer-Stock in trade-Capital asset-Consideration less than stamp valuation-Addition cannot be made. [S. 2(14), 56(2)(vii)(b)]

S. 54F : Capital gains-Investment in a residential house-Ex parte order-Farmer and Senior citizen-Matter remanded. [S. 254(1)]

S. 54 : Capital gains-Profit on sale of property used for residence-Two residential units modified to one-Entitle to exemption. [S. 45]

S. 40A(2) : Expenses or payments not deductible-Excessive or unreasonable-Interest free funds-Advance of loan-No disallowance can be made.

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Export of computer software-Disallowance would increase profits of business eligible for deduction-Validity of initiation of reassessment proceedings not adjudicated. [S. 10A, 10AA, 147, 148, 195]