S. 68: Cash credits-Loan repaid through account payee cheques-Documentary evidence ignored-Addition deleted-Unexplained investment-Purchase of immovable property-Source partly explained-Addition restricted.[S.69]

S. 68: Cash credits-Unsecured loans-Repayment through banking channels accepted in subsequent year-Addition of loans, commission and interest deleted.

S. 56: Income from other sources-Shares held as stock-in-trade-Purchase below fair market value-Provision not applicable.[S. 2(14), 56(2)(vii) R. 11UA]

S. 50C: Capital gains-Full value of consideration-Stamp valuation Mandatory reference to Valuation Officer ignored-Additions deleted.[S. 56(2)(vii)(b)]

S. 48: Capital gains-Cost of improvement-Expenditure in nature of repairs and furniture not allowable-Matter remanded for fresh verification. [S. 45, 50C]

S. 40(a)(i): Amounts not deductible-Deduction at source-Non-resident-Business expenditure-Reinsurance premium paid to non-resident reinsurers-Not chargeable to tax in India-No liability to deduct tax at source–Commission deducted by insurance companies from reinsurance premium-No payment by assessee-Tax deduction at source not applicable-Survey fees paid to non-resident surveyors-Services rendered outside India-Mere reimbursement-No tax deductible at source. [S.195]

S. 37(1): Business expenditure-Insurance business-Provision for IBNR and IBNER claims-Unascertained liability-Deduction not allowable-Amortisation of premium on securities-Disallowance upheld.

S. 37(1): Business expenditure-Legal and professional charges-Mere proof of payment through banking channels insufficient-Matter remanded for verification of services rendered.

S. 37(1): Business expenditure-Registrar of Companies fees for increase in authorised share capital-Increase for issue of bonus shares by capitalisation of reserves-Revenue expenditure allowable in full. [S. 35D]

S. 37(1) : Business expenditure-Portfolio Management Services (PMS) fees-Non-banking financial company engaged in investment and trading in securities-Fees paid to portfolio managers wholly and exclusively for business-Allowable as revenue expenditure-Delay of 101 days by Revenue-Delay in obtaining administrative approvals-Delay condoned.[S. 48, 254(1), ITAT R. 27]