S. 54F : Capital gains-Investment in a residential house-Payments were made before the sale of an original asset-Test ought to be when construction of the residential house was completed-Matter remanded to CIT(A). [S. 45]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Contractors-Delay in filing Form 26Q-Filed before the competition of assessment-Order of Tribunal deleting the addition was affirmed. [S. 194C, Rule 31A]

S. 37(1) : Business expenditure-Interest payment to DGFT on account of excess availment of export incentive is not penal nature-Allowable as business expenditure.

S. 37(1) : Business expenditure-Capital or revenue-Payment to State Power Corp. towards the construction of a transmission line and other supporting work-Allowable as revenue expenditure.

S. 37(1) : Business expenditure-Capital or revenue-Premium paid to allottee on redemption of debentures-Allowable as revenue expenditure.

S. 14A : Disallowance of expenditure-Exempt income-No exempt income received during the year-Disallowance cannot be made. [R. 8D]

S. 10AA : Special economic zones-Export turnover-Telecommunication expenses were to be excluded from export turnover.

S. 9(1)(vi) : Income deemed to accrue or arise in India-Royalty-Non-resident-Providing satellite transmission services is not royalty-Order of Tribunal affirmed-DTAA-India-Netherland. [S. 260A, Art. 12]

S. 2(14)(iii) : Capital asset-Agricultural land-Mango, orchard-Situated beyond 8 kms. of City corporation-Sale proceeds of land is entitled to exemption. [S. 45]

S.147: Reassessment – After the expiry of four years – Mutual fund Spill over expenses, offer expenses, SEBI Registration fee – On the same set of facts reassessment order is bad in law – Assessing Officer has no power to review the assessment order – Order of reassessment was quashed [ S. 148 ]