S.47(vii): Capital gains- Transfer by a share holder in a scheme of amalgamation- Gains assessable as business income if shares held as stock-in-trade — No factual finding regarding nature of holding — Matter remanded [ S. 2 (47), 28, 45 ]

S.43B: Deductions on actual payment – Custom duty – Allowable in year in which actually paid .

S. 41(1) : Profits chargeable to tax – Remission or cessation of trading liability – Deferment of Sales tax under scheme of State Government — Amount paid on net present value basis —Difference between sales tax mount paid on net present value and future liability not business income [ S.28(iv) ]

S. 40A(3) :Expenses or payments not deductible – Cash payments exceeding prescribed limits -Payments made in exceptional circumstances — Payments not disallowable [ R.6DD ]

S.37(1): Business expenditure — Capital or revenue -Club membership -Revenue expenditure- Disallowance of part of expenditure – Held to be not justified .

S. 37(1) : Business expenditure -Travel expenses of employees —To be computed based on average basis — Not Tripwise . [ R.6D ]

S. 37(1) : Business expenditure -Capital or revenue – Expenditure on developing new product — Capital expenditure.

S.32: Depreciation — Unabsorbed depreciation — Carry forward and set off — Unabsorbed depreciation can be carried forward and set off against profits of current year.

S. 28(i) : Business income – Income from house property — Development of software park and leasing of it —Assessable as business income- The tendency of the Revenue authorities not to follow the judgments of superior constitutional courts deserves to be strongly deprecated by imposition of suitable costs on them. [ S.22 ]

S. 14A : Disallowance of expenditure – Exempt income – Amendment is not retrospective- Not applicable to Assessment year prior to AY 2007-08 [ S. 10(33),254(1) ]