S. 80IB : Industrial undertakings–Eligible undertaking-Each oil well can be treated as a separate eligible undertaking–Not required to maintain separate account for each undertaking. [S. 80IC]
S. 80IB : Industrial undertakings–Eligible undertaking-Each oil well can be treated as a separate eligible undertaking–Not required to maintain separate account for each undertaking. [S. 80IC]
S. 72 : Carry forward and set off of business losses–Discontinued business-Entitle to set off the loss against business income of the current year. [S. 28(i), 71, 72(1), 176(3A)]
S. 69A : Unexplained money–Survey–Jangad stock–Stock register is supported by confirmation letter–Addition is held to be not valid.
S. 68 : Cash credits-Share application money–Premium-Confirmation filed-Mode of investment is explained–Addition is held to be not justified.
S. 68 : Cash credit-Share application money–Share premium-Name, address, PAN of share applicants together with copies of their balance sheets and returns and, amount received by account payee cheques out of sufficient bank balances maintained-Addition is held to be not valid.
S. 56 : Income from other sources–Shares at premium-Valuation of shares–FMV of shares was estimated after considering intangible assets like goodwill, know-how, patents, copyrights, trademarks, licences, franchises, etc-Re valuation of shares by the AO is held to be not justified. [S. 52(viib)]
S. 54F : Capital gains-Investment in residential house-Purchase– Constructed in phased manner and payments was linked to stage of construction, it is a purchase and not construction of new asset-Exemption is allowable. [S. 45]
S. 37(1) : Business expenditure-Parking fees–Ad hoc disallowance of 20% disallowance–Books of account not rejected– Disallowance is held to be not valid. [S. 143(3)]
S. 37(1) : Business expenses-Provision-Provision for expense was based on scientific and reasonable basis and the liability to incur the same was certain, deduction is allowable.
S. 37(1) : Business expenditure-Festival expenditure–Books of account not rejected-Disallowance of 25% of festival expenses cannot be disallow when books of accounts were duly audited and no discrepancy was found. [S. 145]