S. 49 : Capital gains-Previous owner-Cost of acquisition-Capital asset acquired by will-Indexation-Cost of acquisition to be calculated taking into account cost of acquisition of previous owner of asset. [S. 2(29A), 2(42A), 45, 48, 55(1)(b)(2)(ii), Art. 226]

S. 48 : Capital gains-Computation-Full value of consideration-Adoption of fair market value based on guidelines issued by Government is justified. [S. 45, 50D]

S. 44BB : Mineral oils-Computation Presumptive Tax-In connection with-Transportation of equipment from assessee’s yard to offshore site, Inextricably connected with prospecting, extraction or production of mineral oils-Hire charges paid for tugs and barges to transport integral part of execution of contract-Payments taxable on presumptive basis. [S. 9(1)(vi), 195, 264, Art. 226]

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Raw hides and skins purchased from trader-Disallowance is not valid. [S. 133(6), R. 6DD(e)]

S. 37(1) : Business expenditure-Wholly and exclusively-And Expenditure benefitting third person-Incurred for the purpose of business-Allowable as deduction.

S. 37(1) : Business expenditure-Loss on account of fluctuations in rate of Foreign exchange-Deductible.

S. 36(1)(vii) : Bad debt-Required to debit profit and loss account and also to simultaneously reduce loans of debtors in balance sheet-Matter remanded. [S. 254(1)]

S. 11 : Property held for charitable purposes-Trust not registered-Corpus fund in form of voluntary contributions made with specific direction-Liable to tax as income-Equity and taxation cannot co-exist. [S. 2(24)(iia), 11(1)(d), 12A, 12AA, 56(2)(v)]

S. 10(5) : Travel concession or assistance-Exemption confined to amount of Air economy fare by shortest route by National carrier-Exemption not available in respect of travel to Foreign country as part of journey to destination in India. [S. 133A, 182, 201(1), 201(1A), R. 2B]

S. 68 : Cash Credits – Penny Stock –Capital gains – Shares with increased value of about 2823% -Genuineness of price hike to be established – Onus on the assessee- Order of Tribunal is reversed – Addition as cash credit is affirmed – Revision is held to be valid . [S. 10(38], 45, 263 ]