S. 45 : Capital gains-Land dealings-Stock in trade-Shown as investment for seven years-Assessable as capital gains and not as business income. [S. 2(13), 28(i)]

S. 43(6) : Written down value-Block of assets-Waiver of loan-Asset purchased in earlier year-Written back from capital reserve-No adjustment can be made. [S. 2(11), 2(24)(xviii), 32, 41(1), 43 (1)]

S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Presumptive taxation-Remission of income tax liability of employees borne by assessee pertaining to earlier years-Not chargeable to tax-Claimed deduction and allowed-The income would be chargeable to tax-Matter remanded. [S.44BB(2)]

S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Sundry creditors-Not claimed as deduction in earlier years-Addition cannot be made.

S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Payment was not made due to supply of inferior quality goods-Recovery of proceedings were pending-Addition cannot be made as cessation of liability.

S. 40A(2) : Expenses or payments not deductible-Excessive or unreasonable-Consultancy and technical services from sister concern-Disallowance was restricted only t0 10 per cent of total expenses.

S. 40(a)(ii) : Amounts not deductible-Rates or tax-Education cess is not income tax-Allowable deduction. [S. 37(1)]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Freight charges-Non-resident ship owner-Not liable to deduct tax at source. [S. 172, 194C]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Rent paid-chartered accountant certifying that recipient of impugned receipt had included said receipt in their gross income and had paid tax thereon-Disallowance is held to be not valid. [S. 194I]

S. 40(a)(i) : Amounts not deductible-Deduction at source-Aircrafts-Supplementary rent in respect of cross border lease agreements-Exempt from tax-No disallowance can be made for failure to deduct tax at source-Shipping, inland waterways transport and air-transport-In respect of agreement executed after 1-4-2007 as per articles 12 and 8 of DTAA between India and Ireland, profits derived by an enterprise of contracting State from rental of aircrafts were taxable only in State of residence of lessor-DTAA-India-Ireland. [S. 9(1)(i), 10(15A), 195, Art. 8, 12]