S. 194C : Deduction at source – Contractors – Refining crude oil and selling petroleum products – Agreement with another company for transportation of goods- Works contract-Rent- Liable to deduct tax at source u/s 194C and not 194I [ S.194I ]

S. 43D : Public financial institutions -Real income- Co -Operative Bank – Interest on non -performing assets -Shown in books as per RBI guidelines – Interest not accrued- Not assessable [ S.4 , 5, 145, RBI Act, 1934, S. 45Q ]

S. 251 : Appeal – Commissioner (Appeals) – Powers -Once appeal is filed the said appeal cannot be withdrawn by the assessee- CIT(A) has to decide the appeal on merit- Delay of 116 days in filing the appeal before the Tribunal was condoned .[ S. 246A,250(4), 253 , 254(1)

S. 263 : Commissioner – Revision of orders prejudicial to revenue -Business expenditure -Advertisement and publicity-Payment to cricketer -AO allowed the expenditure after considering the explanation- Revision is not to be not justified [ S.37(1) ]

S.234E: Fee-Default in furnishing the statements- Amendment to S. 200A with effect from 1-6-2015 empowering AO levying fees under 234E is prospective- Processing TDS statements for period prior to 1-6-2015 fee cannot be charged .[ S.200A ]

S.55: Capital gains- No cost of acquisition – Transfer of trade mark- Cost of acquisition is not ascertainable – Not liable to tax [ S.2(14),4, 45,48 , 55(2)(a)]

S. 43(5) : Speculative transaction – Derivatives-Loss incurred on future and option is deemed to be business loss- Loss would be set off against income from business- Explanation to S.73 is not applicable [ S.73 ]

S. 14A : Disallowance of expenditure – Exempt income – Disallowance cannot exceed the exempt dividend [ R.8D ]

S. 10AA : Special economic zones – Interest on capital and remuneration-Partnership deed is not providing any interest- AO cannot disallow the interest and remuneration and reduce the eligible exemption .[ S.80IA ]

S. 9(1)(i): Income deemed to accrue or arise in India – Business connection -Capital gains – Sale of shares- DTAA-India – Spain [ Art .14(6) ]