S. 40A(3) : Expenses or payments not deductible – Cash payments exceeding prescribed limits -Payments were made during public holidays -No disallowance could be made – Payments to agents- No disallowance can be made. [R.6DDJ, 6DDK ]

S. 37(1) : Business expenditure-Real estate developer–Advertising and business promotion-Corporate brand identity exercise, logo design etc is allowable as deduction as it is not attributable to any particular project -Amount spent on Liaisoning work in relation to a particular project has to be capitalised to concerned project -Method of accounting–AS-7 or AS 9 or ICAI guidance note on accounting for real estate transactions, 2006 cannot be said to be either cash system of accounting or mercantile system of accounting , only up to AY. 2012-13. [S. 145]

S. 36(1)(iii) : Interest on borrowed capital – Loan for reconstruction or renovation of its existing cold storage which was destroyed by fire, could not be considered as acquisition of an asset- Interest is held to be allowable .

S. 36(1)(iii) : Interest on borrowed capital – Interest bearing funds were applied for making investment in equity shares and alleged investment was for non-business purposes-Disallowance of interest is held to be justified. [S. 14A, R. 8D]

S. 23 : Income from house property–Annual value-Municipal rateable value – Municipal rateable value is a recognised basis for determination of ALV, the AO cannot disregard the municipal rateable value and substitute some expected rent to be received. [S. 22]

S. 23 : Income from house property – Annual value – Vacancy allowance -Due to fall in property prices failed to let out same year after year because of which property remained vacant-Entitle to vacancy allowance. [S. 22, 23(1)(c)]

S. 170 : Succession to business otherwise than on death -Capital gains- Conversion of private Limited company to LLP- de hors applicability of section 47A(4), would be subject to liability of assessee LLP as a successor entity. [ S. 5,45 , 47A(4)]

S. 80IA :Industrial undertakings – Audit report- Filing of an audit report is procedural and directory in nature- It can also be filed before Appellate Authority .[Form No 10CCB ]

S. 72A : Carry forward and set off of accumulated loss – Conversion of Private Limited Company to LLP – Failure to satisfy conditions laid down in proviso – Carry forward of losses of erstwhile company by LLP is not entitled .[ S.47 xiiib), 72A (6A), Limited Liability Partnership Act , 2008 , S. 56,58 (4)]

S. 49 : Capital gains – Previous owner – Cost of acquisition – Conversion of Private Limited Company to LLP -Capital assets become property of assessee by succession, inheritance or devolution, cost of acquisition of assets shall be deemed to be cost for which previous owner of property had acquired same. [ S. 2(42A)45 , 49(1)(iii)]