S. 56 : Income from other sources-Shares-Method of valuation-Discounted Free Cash Flow Method -Net Asset Value- Deletion of addition is affirmed. [S. 56(2)(viib), R.11UA(ii)]

S. 54G : Capital gains-Shifting of industrial undertaking from urban area-Notification in April 2006-Notification did not have retrospective effect-Not entitled to exemption.

S. 50C : Capital gains-Full value of consideration-Stamp valuation Amendment with effect from 1-4-2017-Statutory amendment is made to remove an undue hardship-Amendment retrospective. [S. 45]

S. 45 : Capital gains-Stock option is a capital asset-Gains on exercising option-Stock option given to consultant-Assessable as capital gains -Rule of consistency to be followed when other assesses assessment the claim was accepted as capital gains. [S. 2(14), 2(42A) 2(47), 17(2)(iia)]

S. 43B : Deductions on actual payment-Mercantile system of Accounting-Securities Transaction Tax-Amount not deposited with authorities or returned to person from whom deducted-Disallowance of the amount -Neither perverse nor illegal. [Art. 226]

S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Confirmation was filed-Deletion of addition is held to be justified.

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Books of account not rejected- Transactions involving less than Rs.20,000 – H Forms obtained-Deletion of addition is held to be justified. [S. 37(1)]

S. 40(a)(iib) : Amounts not deductible-Validity of provision-Exclusive Jurisdiction of High Court to consider-Cause of action for challenge to vires of provision arose on issue of show-cause notice-High Court is directed to dispose of writ petition on merits. [Art. 14, 226]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Non-resident-Interest-Usance charges paid on letters of credit issued by Indian Banks for import of raw materials-Income of non-Resident- Liable to deduct tax at source. [2(28A), 5(2), 9(1)(v)(b), 195(1)]

S. 37(1) : Business expenditure-Discount on Debentures-Principle of matching concept not applicable-Amount relating to relevant accounting year alone deductible as revenue expenditure. [S. 145]