S. 80HHC : Export business–Sale of scrap-Income from such scrap would tantamount to recoupment of cost of raw material/production and, therefore, was includible in profits of business.

S. 69C : Unexplained expenditure-Labour expenses-ad hoc disallowance-Held to be not justified. [S. 145]

S. 69A : Unexplained money–Bank deposits–Evidence was not considered–Matter remanded. [S. 45]

S. 68 : Cash credits–Gifts from father–Source explained–Addition is deleted.

S. 68 : Cash credits–Sundry creditors-From earlier years-No addition can be made.

S. 68 : Cash credits–Books of account-No addition can be made owing to difference in income based on Form No. 26AS and income as reflected in books of account maintained by assessee. [S. 145]

S. 54F : Capital gains-Investment in a residential house-Perpetual lease–Purchase of property-Entitle for exemption. [S. 2(47)(vi), 45, 269UA]

S. 54F : Capital gains-Investment in a residential house-Purchase of flat-Mere fact that assessee was one of associated parties in said concern which was developing housing project, could not be a ground to deny benefit of deduction.[S. 45]

S. 47(iv) : Capital gains-Transaction not regarded as transfer – Subsidiary –Parent company is not holding whole share capital of subsidiary – Capital gains on buy back is taxable. [S. 45 46A]

S. 45(2) : Capital gains-Conversion of a capital asset in to stock-in-trade–Year of taxability-Capital gains arising from such conversion was to be brought to tax when transfer/sale of such asset took place and not on date of converting capital asset into stock-in-trade. [S. 45]