S.37(1): Business expenditure – Entry tax – e-challan containing all relevant details including name of assessee, impugned disallowance was to be deleted, matter was set aside for verification.

S.37(1): Business expenditure –Damages -Expenses on repair of goods returned back on account of low quality was held to be allowable as business expenditure.

S.40(a)(ia):Amounts not deductible – Deduction at source –Handling charges paid to shipping agents of non-resident shipping companies was held to be not liable to deduct tax at source, and also the department had already granted exemption certificate to non-resident ship owners . [ S.194C ]

S.40(a)(ia):Amounts not deductible – Deduction at source Commission paid to foreign agents abroad for rendering services in their respective countries is not taxable in India hence not liable to deduct tax at source–DTAA-India -Hong Kong- Art.7 OECD Model tax Convention. [ S. 9(1)(i), 195 ]

S. 50C : Capital gains – Full value of consideration – Stamp valuation – Agreement to sell for property was entered on September 1966 though registered on 29-11-2010, stamp valuation on the date of registration cannot be applied as the provision of S.50C was not in the statute when the agreement to sell for property was entered . [ S.45, 48 ]

S.56:Income from other sources – Unquoted equity shares -Discounted cash flow method – Net asset value method – Option to adopt the method of valuation is with assessee- When no defect is found in valuation of shares arrived on basis of discounted cash flow method addition made by the AO on basis of net asset value method was to be set aside. [ S.56(2)(vii)(b), R. 11UA ]

S. 57 : Income from other sources – Deductions -Failure to establish the nexus between interest earned on fixed deposits and the expenditure incurred , claim of deduction was held to be not allowable [ S. 56 , 57(iii) ]

S.68:Cash credits -Deposit of sale consideration of agricultural land in savings bank account can not be assessed as cash credits . [ S.2(14)(iii) ]

S. 69A : Unexplained money -Agricultural land – Sale agreement was not doubted, deletion of addition was held to be justified .

S. 80P : Co-operative societies -Reginal Bank -As per the overriding provisions contained in S.22 of Regional Rural Bank Act , 1976 , the deduction is available. [ S.80P(2)(a)(i) ]