S.50 : Capital gains – Depreciable assets – Block of assets – Land on which staff quarters were situated – Staff quarters depreciation was claimed – No depreciation was claimed on land- Profit on sale of land is assessable as long term capital gains .[ S.2(11),45 ]

S.48 : Capital gains – Computation- Portfolio Management Scheme (PMS) – Deduction of PMS fee is not allowable as it is not a transfer fee, nor cost of acquisition/improvement.[ S.45 ]

S. 48 : Capital gains –Property inherited on death of husband – cost of acquisition to be applied from the year when the previous owner first held asset and not when the assessee inherited the property. [S.55A]

S. 48 : Capital gains – Computation -Shares held as investment -brokerage is held to be allowable as deduction – Demat charges is held to be not allowable as deduction while computing capital gains .[ S.45 ]

S. 45 : Capital gains- Business income -Investment in shares – Just because assessee has purchased and sold number of shares does not by itself make it business income when the AO accepted the scripts as investment in the balance sheet and books of account are accepted. [ S.28(i) ]

S. 45: Capital gains- For the purpose of computation of capital gains, AO could not substitute full value of sales consideration with any notional or hypothetical value.[ S.48]

S. 40A(3) :Expenses or payments not deductible – Cash payments exceeding prescribed limits -Purchase of land -Capital expenditure is charged to profit and loss account -Disallowance cannot be made .

S. 40(a)(ia):Amounts not deductible – Deduction at source – Certain income and expenditure are merely pass through entries and there is no case of any adverse revenue implication, no disallowance can be made.

S. 40(a)(ia): Amounts not deductible – Deduction at source -Payee has offered income in their return-No disallowance can be made -Matter remanded to CIT(A) to pass a speaking order [ S.194J ]

S. 40(a)(i) : Amounts not deductible – Deduction at source -Non-resident – The administrative fee paid to EGC of US and EGC of Singapore -Not liable to deduct tax at source – DTAA-India – [ Art. 12 ]