S. 80IA : Industrial undertakings–Telecommunication services- Income from sharing fibre cables and cell-sites was income by way of leasing-Late fees and reimbursement of cheque dishonour charges received from parties-Eligible for deduction. [S. 80IA(2A)]
S. 68 : Cash credits–Peak addition-Hawala transaction-Money laundering can also be for oneself-Information from Enforcement Directorate—Refusing to own up accounts- Burden is not discharged–Addition is held to be justified. [S. 69, 69A]
S. 68 : Cash credits—Share application money—Received by cheques- Details furnished–Burden is discharged-Failure by department to investigate identity of shareholders and genuineness of transactions—Addition is held to be not justified.
S. 45 : Capital gains–Business income-Sale of land assessable as capital gains. [S. 4, 28(i)]
S. 45 : Capital gains–Business income-Profit on sale of investment is assessable as capital gains. [S. 10(38), 28(i)]
S. 45 : Capital loss-Loss on sale of shade tree–Capital loss allowed to be carried forward.
S. 40(a)(ia) : Amounts not deductible-Deduction at source- Rejection of Books of account-Estimation of profit @ 8% of turnover—No disallowance can be made u/s. 40 of the Act. [S. 145(3)]
S. 36(1)(iii) : Interest on borrowed capital-Loan to sister concern from non –interest bearing funds–No disallowance can be made.
S. 14A : Disallowance of expenditure-Exempt income–Satisfaction-AO cannot disallow the expenditure far in excess of what has been disallowed, without demonstrating how the working of the assessee is wrong. [R. 8D]
S. 12AA : Procedure for registration–Trust or institution-Cancellation of registration cannot be done retrospective effect- Education- Amounts spent on construction of buildings and acquisition of Television channel for educational purposes-Entitle to exemption-Depreciation is allowable–Proviso inserted w.e.f. 1-4 .2015 is not retrospective–High Court has the power to set aside the order of Settlement Commission which i.e. erroneous. [S. 11, 12AA(3), 245D(4), Art. 226.]