S. 115JB : Book profit-Minimum alternate tax-Banking companies-Provision is not applicable. [Companies Act, 1956, S. 211(1)]

S. 68 : Cash credits-Search-Statement of director-Deletion of addition is held to be justified. [S. 132, 153A]

S. 68 : Cash credits-Inflated credit balance-Not furnished evidence in spite of sufficient opportunity was granted-Addition is held to be justified.

S. 48 : Capital gains-Computation-Share purchase agreement-Full value of consideration-Tax component-Allowable as deduction while computing capital gains. [S. 45]

S. 44 : Insurance business-Computation of profits-Loss was computed by aggregating its reporting under shareholders account and policy holders account as prescribed under Insurance regulatory and development authority (IRDA). [S. 115B, 260A]

S. 43B : Deductions on actual payment-Electricity duty-Captive power plant (CPP)-Amount deposited as per order of Court-Amount was received by Government-Allowable as deduction-Matter was remanded to Assessing Officer to verify the amounts released to State Government.

S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Method of accounting-Interest subsidy-Taxable on actual remission or cessation of liability. [S. 145]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-TDS deposited before last date of filing return-No disallowance can be made. [S. 139(1)]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Commission or brokerage, etc.-Service charges-Not liable to deduct tax at source. [S. 194H]

S. 37(1) : Business expenditure-Commission-Directors or relatives-None of them was shown to have any expertise in procuring Iron Ore Fines (IOF) from Indian markets-Disallowing is justified.