The Reader

U/s 10(10A), commuted pension received by a Government Employee is fully exempt from tax.

Urban land tax and corporation tax are not part of cost of acquisition but are cost of holding.
- SAS Hotel P Ltd (2000) 158 CTR 125 (Mad.)

Guaranteed monthly payment made by Financier to inverstor and falling within definition of interest u/s 2(28) and liable for TDS u/s 194A.

Transfer of leasehold interest in immovable property for long period of time amounts to tranfer for the purposes of capital gains.
- 176 ITR 155(SC)

Road laid by Municipality do not qualify as building for depreciation as there was no other construction except roads - Indore Municipal corpn.

In case of clubs, the annual value of the clubhouse is not chargeable to tax because of principle of mutuality - Chelmsford club 243 ITR 89 (SC).

Holding period of the Capital Asset commences from the date of acquisition of the stock in trade and not from the date of conversion of the same.

Banking cash transaction tax is allowed as deduction u/s 36(1). However, it is withdrawn from 1/4/2009.