S. 115WB : Fringe benefits-Expenditure incurred in imparting in-house training to employees Loan obtained for car and maintenance expenditure Excluded from ambit of fringe benefit tax.

S. 92C : Transfer pricing-Arm’s length price-Comparable-Functionally similarity-Activities of merchant banker cannot be acceptable as comparable.

S. 72A : Carry forward and set off of accumulated loss and unabsorbed depreciation-Amalgamation-Matter remanded to verify whether conditions laid down in section 72A(2) which are mandatory. [S. 72A(2)]

S. 68 : Cash credits-Failure to give an opportunity of cross examination-Tribunal remanding the matter to CIT (A)-Order of Tribunal is affirmed. [S. 254 (1)]

S. 48 : Capital gains-Cost of acquisition-Encumbrance-Property received under settlement deed-Land mortgaged to bank-Proportionate OTS amount paid to clear encumbrances allowable as deduction. [S. 45, 49, 55]

S. 45 : Capital gains-Investment in shares-High turnover of shares-Assessable as capital gains and not as business income. [S. 28(i)]

S. 28(i) : Business loss-Foreign exchange derivative loss cannot be disallowed holding it to be a speculative loss-Remand to the Assessing Officer is held to be valid. [S. 43(5)]

S. 28(i) : Business loss-Investment in subsidiary-Wound up of subsidiary-Loss is allowable. [S. 37(1)]

S. 14A : Disallowance of expenditure-Exempt income-Interest free funds more than investment-No disallowance can be made. [R. 8D]

S. 14A : Disallowance of expenditure-Exempt income-Failure to prove that no expenditure was incurred-Disallowance of expenditure is held to be justified. [R. 8D]