S. 48 : Capital gains–Computation-Valuation-Valuation adopted for wealth tax is directed to be adopted for the purpose of computing capital gain-Matter remanded. [S. 45]

S. 37(1) : Business expenditure–Legal settlement expenses– Capacity as manging director of the company-Not allowable as business expenditure of the company in his capacity as an advocate against professional income.

S. 37(1) : Business expenditure-Social responsibility-Agreement with State Government to construct houses for poor people affected by floods-Held to be allowable on commercial expediency.

S. 37(1) : Business expenditure-Expenditure on higher education of daughter of Director-Higher education is not related to business of the appellant company–Not allowable as deduction.

S. 37(1) : Business expenditure–Capital or revenue-Insurance premium on purchase of new car-Held to be revenue expenditure.

S. 37(1) : Business expenditure–Commission paid to directors-Allowed in earlier years-Principle of consistency is followed– Appeal of revenue is dismissed.

S. 37(1) : Business expenditure–Construction business– Expenditure incurred subsequent sale of building–Held to be allowable as revenue expenditure. [S. 145]

S. 37(1) : Business expenditure–Capital or revenue-Non-compete fee-Agreement was only for 18 months-Allowable as revenue expenditure.

S. 32 : Depreciation-leased assets–Entitle to depreciation–Less had admitted that the transaction were merely paper transaction – Question of fact. [S. 260A]

S. 32 : Depreciation–Residential flats–Accommodation of employees-Entitle for higher rate of depreciation.