S. 220 : Collection and recovery – Assessee deemed in default – Stay- Power of stay with Appellate Authority cannot be equated to power garnted to the Assessing Officer- Petition was dismissed and directed to file stay petition before CIT(A )[ S.220(6), 251 ]

S. 147 : Reassessment- Charitable trust-Appeal agsint rejection of application for exemption of income was pending for next year- Reassessment notice for earlier years would not be vitiated by pending appeal against cancellation of application under S.13 of the Act .[ S. 11, 12AA, 13 , 148 ]

S. 36(1)(iii) :Interest on borrowed capital -Development and construction of residential building -Followed Accounting Standard- Disallowance of interest is not justified on the ground that interest on borrowings was included in closing work in progress .[ S.145 ]

S. 5 : Scope of total income -Accrual- Mercantile system of accounting -Not liable to be taxed on notional interest on non-performing assets considering the guidelines of Reserve Bank of India [ S. 145 ]

S.145: Method of accounting -Project completion method- Disclusure in the course of survey-Construction business- Income could be taxed only when sale deeds of units sold were registered even though sale consideration have been received earlier from buyer .[S.133A]

S. 150 : Assessment – Order on appeal –Reassessment -Assessment in pursuance of an order of appeal, etc. -Amendment is held to be prospectively -In course of appellate proceedings Commissioner (Appeals) made on observation that issue relating to capital gain earned by assessee might be considered in relevant year, it could not be regarded as definite finding under section 150(1) and, thus, assessment could not be reopened on basis of said observation after expiry of time limit of six years as prescribed in section 149- Order was quashed. [S. 147, 148 , 149]

S. 45 : Capital gains-transfer Accrual-Development agreement-As per terms of development agreement with builder the assessee would not be paid any monetary consideration but would receive built-up residential area on completion of project-Capital gains cannot be taxed on accrual basis in the year of agreement. [S. 2(47)(v), 48]

S. 43CA : Transfer of assets-other than capital assets-Full value of consideration- stock in trade-Agreement value–Stamp valuation- Provision of S.43CA have been inserted with effect from 1-4-2014 to relevant assessment year 2014-15-Agreement to sell was entered much prior to that date , i.e. in the year 2007 -Provision of S.43CA(4) cannot be applied- Matter remanded to CIT(A) to determine valuation as on 9-4-2007 and if it is higher than the sale consideration, same can be brought to tax in the year under consideration. [S. 50C]

S. 23 : Income from house property – Annual value – Vacancy allowance- Flat was not in a position to be let out de hors removal of defects and, therefore, benefit of vacancy allowance in respect of period taken for carrying out necessary alterations.[S. 23(1)(c)]

S. 23 : Income from house property-Annual value–Stock in trade-Construction completed, Feb 2013-Income cannot be estimated on ground that said property remained unsold and vacant at end of financial year, since there was no possibility to let out property just after its completion. [S. 23(1)(a)]