S. 69A : Unexplained money–Purchase and sale of gold on behalf of other parties-Identity of purchasers was not established– Addition on estimate basis of 3.5% of turnover is held to be justified as against 1% disclosed by the appellant.

S. 68 : Cash credits–Share application money-Income tax returns, balance sheet, confirmations were produced-Deletion of addition is held to be justified. [S. 131]

S. 56 : Income from other sources–Issue of shares at premium-Fair market value of shares-AO has to undertake exercise of determining fair market value of shares-Matter remanded. [S. 56 (2)(viib), 119]

S. 45 : Capital gains–Business income-Sale of shares-Shares settled by settlor – Shares received by way of Employee Stock Option Plan-Assessable as capital gains and not as business income-Entitle to exemption. [S. 10(38), 28(i)]

S. 40A(2) : Expenses or payments not deductible–Excessive or unreasonable-TV broadcasting right of cricket match-Cancellation of one match and addition of another match-Addition of price difference in broadcasting rights of matches cannot be made.

S. 37(1) : Business expenditure–Capital or revenue-Fixing of MS sliding gates, different pipes for sprinkler system in main ground, excavation of soil, purchasing of LED replay screen, electric materials etc., for upgrading stadium in accordance with ICC Standards, is revenue in nature.

S. 37(1) : Business expenditure–Commencement of business– Service sector–Preliminary steps, such as engaging in negotiation or employment of personnel, could be regarded as an activity of commencement of business–Expenditure is held to be allowable.

S. 36(1)(iii) : Interest on borrowed capital-Acquisition of capital asset-Business of land development for industrial, commercial and residential use-Proviso to section 36(1)(iii) override provision of section 145A–Disallowance of claim of interest is held to be justified. [S. 145A]

S. 35 : Scientific research-Expenditure on scientific research is held to be allowable as deduction-Order of Tribunal is affirmed. [S. 35(2AB)]

S. 28(i) : Business income–Leasing the hotel and charging one percentage of total revenue–Assessable as business income and not as income from house property.[S. 22, 23]