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Books, sold by the assessee on which he claimed 100% depreciation, then the whole amount realized shall be treated as Short Term Capital Gain.

Conversion of orignal asset: Where the original asset is converted into any form, income from converted asset should also be clubbed - Expl. 1 to 64.

Remission of unsecured loan cannot be treated as income u/s 41(1) since there have been no allowance or deduction in any of the preceding years.

Share issue expenses cannot be claimed as deduction, it is allowable only u/s 35D - Brooke Bond Ind. Ltd

Management fees and lease rent incurred before commencement of production have not been included u/s 35D and same is not eligible for deduction.

U/s 194J, tax should be deducted from the fees for professional services rendered, if the aggregate of fees payable in an year exceeds Rs. 20,000/-.

Loss sustained before the business is commenced, e.g. pre-incorporation loss of the business taken over by the company is not allowed as ded. u/s 37.

Allotment of shares in amalgamated company to the shareholders of amalgamating company in lieu of amalgamation is an extinguishment u/s 2(47).