S. 55 : Capital gains-Cost of improvement-Cost of acquisition-Fair market value-Indexed cost-Lease hold land-Rule ID [S. 2(22B), 45, 55(2)(b))(ii), 260A]

S. 54 : Capital gains-Profit on sale of property used for residence-Under construction flat-Possession had been completed within a three years from date of sale of residential house-Entitle to deduction. [S. 45, 260A]

S. 44BB : Mineral oils-Computation-Payment received for providing various services in connection with mining activity would not be chargeable to tax as fees for technical services. [S. 9(1))(vii), 44AD]

S. 43B : Certain deductions only on actual payment-Excise duty-Included in closing stock-No double deduction-Allowable as deduction.[S.145, 260A]

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Genuineness of transaction was in doubt-Order of High Court is affirmed-SLP of assessee is dismissed. [R.6DD(j), Art. 136]

S. 37(1) : Business expenditure-Provision for salary and wages-Justice Palekar Award-Ex-gratia bonus-Allowable as expenditure. [S. 36(1)(ii), 260A, Payment of Bonus Act, 1965]

S. 37(1) : Business expenditure-Payment to Haryana State Agricultural Board-Statutory functioning-Application of income-Allowable as deduction-Penalty order is quashed as the quantum disallowance is deleted. [S.260A, 271(1(c)]

S. 37(1) : Business expenditure-Cpmpensation-340 days delay-SLP is dismissed.[Art. 136]

S. 37(1) : Business expenditure-Diversion by overriding title-Sharing of profit-The AO has to take into account the manner in which the business works, the modalities and manner in which SAP/additional purchase price/final price are decided and determine what amount forms part of the profit-Whatever is the profit component is sharing of profit/distribution of profit and the rest is deductible as expenditure-question of law is answered partly in favour of the revenue and partly in favour of the assessee-Matter is remitted to the AO to undertake the exercise as stated in the judgement after giving an opportunity to the respective assesses-Review petition is dismissed [S.40A(2),Sugarcane (Control) Order 1966 clauses, 3, 5A]

S.263 : : Commissioner – Revision of orders prejudicial to revenue – Business expenditure-Interest-Real estate business-Not commenced the business-Investing in shares of subsidiary-Not allowable as deduction-SLP of assessee is dismissed as fresh assessment order was passed and the matter is pending before ITAT .[S. 37(1) Art.136]