S. 68 : Cash credits – Difference between form no 26AS and tax credit statement – Assessing Officer is directed to examine reconciliation statement .

S. 54 : Capital gains – Profit on sale of property used for residence -Depositing entire sale proceeds in savings bank account- construction of house – Not depositing the amount in specified bank account – Technical breach —Entitled to exemption [ S.45, 54(2),54F ]

S.45: Capital gains — Long-term capital gains —Land held for more than thirty-six months —Treatment given in books of account immaterial —Converting Stock-in-trade into capital asset-Gains assessable as long-term capital gains and not business income — Entitled to set off gains against brought forward long-term capital loss —Entitled to indexation [ S.2(42A), 74 ]

S.43B: Deductions on actual payment – Service tax – Amount neither paid nor added in computation of income.

S. 43(5) : Speculative transaction – Transactions in Derivatives in Futures and Options segments of National Stock Exchange — Marked to Market Loss — Not to be assessed speculative loss .

S. 40(a)(ia): Amounts not deductible – Deduction at source – Car lease rentals – Directed to furnish evidence that whether the payee had shown receipts as their income . [ S.37(1) ]

S. 40(a)(ia): Amounts not deductible – Deduction at source – Short deduction of tax at source – No disallowance can be made .[ S.194C ]

S. 37(1): Business expenditure – Revised return — Claim of assessee acceptable with regard to expenditure involved as allowable expenditure — Disallowance is held to be not valid . [ S.139(1) ]

S.37(1): Business expenditure — Contribution to State Cricket Association to create cricket academy —Getting first right to recruit players from academy to play for assessee — Allowable as business expenditure .

S.37(1): Business expenditure — Local area expenses and pooja expenses in temples outside factory — Onus on assessee to prove nexus with business – Provision for profit incentive payable to employees -Matter remanded to the Assessing Officer .