S. 251 : Appeal-Commissioner (Appeals)–Powers–CIT (A) cannot dismiss appeal against penalty merely stating that in quantum proceedings additions has been confirmed; in penalty appeal, he has to mention point for determination again and reasons for levy-Matter remanded. [S.271(1)(c)].

S. 246 : Appeal-Deputy Commissioner (Appeals)-Appealable orders-Order passed by AO giving effect to directions of Tribunal, is an appealable order before CIT(A). [S.246A, 254(1)]

S. 56 : Income from other sources-Share premium-Two share holders-Brothers-Excess benefit was passed on to assessee was out of shareholding held by his brother-Provisions of S. 56(2)(viii)(c)(ii) would not apply-Balance sheet-Previous Balance Sheet which is audited and approved in AGM has to be taken into consideration, before allotment of shares. [S.56(2)(viii)(c)(ii), R.11U, 11UA].

S. 50C : Capital gains-Full value of consideration-Stamp valuation-variation is only 1.49%-Value declared to be adopted-Amendment brought in section 55A(a) by Finance Act, 2012, has to be read prospectively; such amendment shall apply to transactions which are effected during period started on or after 1-7-2012. [S.45, 55A(a)]

S. 43D : Public financial institutions-NHB guidelines will not bring automatic corresponding change in rule 6EB since, discretion is left to rule making authority to follow or not follow NHB guidelines as and when they are revised–Addition is held to be not valid. [S. 145, R 6EB]

S. 37(1) : Business expenditure-Finance lease-Rent paid during lease period is held to be allowable as business expenditure.

S. 37(1) : Business expenditure-Capital or revenue-Expenditure incurred for construction of any structure or extension or improvement of building taken on lease would be treated as capital expenditure-Repair/renovation of leased premises–Held to be allowable as revenue expenditure.

S. 37(1) : Business expenditure–Provision for liability on estimated basis –Held to be allowable as deduction–Change in method of accounting – Matter remanded. [S.145, AS-1]

S. 36(1)(viii) : Eligible business-Special reserve–General reserve-Balance in profit and loss account, which is not in nature of any other reserve having specific objectives, would not form part of ‘general reserves’ for purpose of proviso to S 36(1)(viii) of the Act

S. 36(1)(vii) : Bad debt–Non furnishing of TDS certificate amounts to amount due–Allowable as bad debt-Cannot be disallowed on ground that it was not within time prescribed under S. 155(14) of the Act.[S. 37(1), 155(14)]