S. 48 : Capital gains-Full value of consideration-Sale of shares below market price-Transfer of shares in guise of loan agreements –Consideration was taken at prevailing market rate and not at Rs. 4 per share.[S. 45]

S. 45(2A) : Capital gains-Depository- Security–Demat–Multiple accounts-FIFO method–Should be applied to account wise and not person wise. [S. 2(42A)]

S. 45 : Capital loss-Tax planning-Purchase of compulsory convertible Debentures (CCDs) from its subsidiary company and sale to holding company-Loss is held to be genuine and allowable as capital loss. [S. 4].

S. 45 : Capital gains-Firm–Retirement-Excess sum paid over and above sum standing to credit of capital account of partner is assessable as capital gains. [S. 2(47), 54EC]

S. 45 : Capital gains–Sale of land-Invested in several small properties-Assessable as capital gains and not as business income. [S. 28(i)]

S. 40(a)(ia) : Amounts not deductible-Deduction at source- Wharfage charges–Not rent–Not liable to deduct tax at source. [S. 194I]

S. 40(a)(ia) : Amounts not deductible-Deduction at source- Contractors-Payments to dealers in lieu of service coupons–Liable to deduct tax at source-Payees have filed the return and taken in to account sum for computing income and paid the tax-No disallowance can be made–Matter remanded for verification. [S. 194C, 201(1)]

S. 40(a)(ia) : Amounts not deductible-Deduction at source– Failure to deduct tax at source–Not allowable as deduction. [S. 2(28A), 194A, 194J]

S. 37(1) : Business expenditure-Reimbursement of salary paid by sister concern- Held to be allowable as deduction.

S. 37(1) : Business expenditure–Enhanced compensation-Matter set aside to examine lease agreement whether the assessee is entitle to recover from sub–lessees.