S. 72A : Carry forward and set off of accumulated loss and unabsorbed depreciation – Filing of Form 62 not a condition precedent for set off [ ITRules 9C ]

S. 70 : Set off of loss – One source against income from another source – Tax Avoidance -Same head of income – Penny stock- Capital gains-Short-term capital loss —Beneficiary of bogus accommodation entries —Disallowance proper [ S. 4, 45 ,68, 69C 115BBEE ]

S. 54 : Capital gains – Profit on sale of property used for residence –
Purchase of two residential properties in different locations -—Entitled to exemption. — Amendment substituting “A” By “One” — Applies prospectively. [ S.45 ]

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.