S. 80HHC : Export business-Deduction to be computed on ninety per cent. of net income of other income and not gross income.

S. 70 : Set off of loss-One source against income from another source-Same head of income-Tax avoidance-Long term capital gains set off against short term capital loss- Forfeiture of call monies-Set off loss is held to be allowable. [S. 4, 45]

S. 68 : Cash credits -Advances received in cash for supply of materials- Confirmation letter furnished along with PA No- Deletion of addition is held to be justified. [S. 131]

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)]