S. 68 : Cash credits–Advance received in earlier years-Addition cannot be made as cash credits.
S. 68 : Cash credits–Advance received in earlier years-Addition cannot be made as cash credits.
S. 54B : Capital gains–Agricultural land-Land was used for agricultural purposes–Land classified as agricultural land Jowar crop was grown- Eligible exemption [S.2(14), 45]
S. 48 : Capital gains–Computation-Foreign Institutional Investor (FII)-Sale of shares of Indian subsidiary-legal/professional fees paid to lawyers/accounting firms- Allowable as deduction. [S.45, 48(1)]
S. 45 : Capital gains- Long term–Short term- Sale of flat – Date of allotment of flat and not date of giving possession of flat which has to be considered as date for computing holding period of 36 months. [S. 2(29A)]
S. 45 : Capital gains–Retirement–Amount received as share value of assets of firm on his retirement are not liable to be taxed either as capital gains nor as business income.[S. 2(14), 2(47), 28(v)]
S. 41(1) : Profits chargeable to tax – Remission or cessation of trading liability-Business of bottling-cum-manufacturing of soft drink-Advances/deposits towards security against bottles & cases-Written off-Addition cannot be made as remission or cessation of liability. [ S. 32 ]
S. 40(a)(ia) : Amounts not deductible-Deduction at source- Transportation of goods- Requisite information was furnished u/s 194C(6)–No disallowance can be made- Amendment made to section 40(a)(ia) by Finance Act, 2015 is remedial in nature and retrospective in applicability. [S. 194C(6)]
S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident–Independent personal services outside India-Not chargeable to tax in India –Not liable to deduct tax at source-DTAA–India–Canada. [S.9(1)(i), Art. 12, 14 ]
S. 37(1) : Business expenditure – Corporate social responsibilities- Held to be allowable – Explanation 2 inserted in section 37(1) with effect from 1-4-2015 is prospective in nature. [S. 35AC, 80G, Companies Act, 2013, S. 135]
S. 14A : Disallowance of expenditure-Exempt income–Stock in trade–Dividend received incidentally–No disallowance can be made. [R. 8D]