S. 68 : Cash credits-Burden of proof on Revenue to establish that credits represented undisclosed income-No evidence that explanation of assessee was false-Allegation of money laundering is a very serious allegation and the effect of a case of money laundering under the relevant Act is markedly different-The order passed by the Assessing Officer was utterly perverse and had been rightly set aside by the appellate authorities-Deletion of addition is justified.

S. 48 : Capital gains-Computation-Sale of shares-Expenditure incurred in connection with transfer of capital asset-Sale Of Shares-Amount paid in terms of agreement-Allowable as deduction. [S. 45]

S. 43B : Deductions on actual payment-Contributions to Employees’ Welfare Funds such as Provident Fund and Employees’ State Insurance-Employer in Trust-Income of assessee unless paid into fund by due date-Prescribed by enactment governing fund-Interpretation Of Taxing Statutes-Exemption or deduction,Non Obstante Clause-Deduction is available if paid before due date prescribed under respective Acts. [S. 2(24)(x), 36(1)(iv), 36(v), 139(1), Sch. IV, R. 2(C), Employees’ Provident Funds and Miscellaneous Provisions Act, 1952, S. 30, Employees’ State Insurance Act, 1948, Employees’ Provident Funds Scheme, 1952, Cl. 30, Employees’ State Insurance (Central) Regulations, 1950, Regulation, 31]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Paid to Non-Resident for technical services-Amount neither debited to profit and loss account nor claimed as deduction-No disallowance can be made. [S. 37(1), 145]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Non-Residents-Payments were made outside India-Not liable to deduct tax at source.

S. 37(1) : Business expenditure-Loss in hedging contracts with Foreign Exchange dealers and banks-Not speculative allowable as business expenditure. [S. 28(i), 43(5)]

S. 36(1)(vii) : Bad debt-Amounts written off in accounts-Not necessary to prove that amount had become irrecoverable.

S. 37(1) : Business expenditure-Capital or revenue-Expenditure on software-Allowable as revenue expenditure.

S. 35D : Amortisation of preliminary expenses-Premium collected on issued share capital-Not part of capital employed-includible in preliminary expenses for amortisation-Cost of acquisition of companies does not form part of project expenses-Deduction to be distributed in subsequent years. [S. 37(1)]

S. 28(i) : Business loss-Bad debt-No evidence that loss was connected with business-Disallowance of loss is justified. [S. 36(1)(vii), 260A]