S. 50C : Capital gains-Full value of consideration-Stamp valuation-Agreement for sale on 8-3 1993-Possession was handed over-Sale deed was executed on 9-3 2007-For computing guidance value of property value as on 8-3-1993 i.e. date of sale agreement to be considered and not value as on 9-3 2007. [S. 2(47), 45]
S. 45 : Capital gains-Date of sale agreement and date of registration-Capital gain is taxable in the year of sale agreement and not in the year of registration. [S.50C Indian Registration Act, 1908, S. 47]
S. 45 : Capital gains-Business income-Purchase and sale of shares-No repetitive purchase and sale of shares-Profits assessable as short term capital gains. [S. 28(i)]
S. 45 : Capital gains-Failure to make full consideration-Sale deed was cancelled-Capital gains cannot be assessable. [S. 2(47)]
S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Purchase of plots as stock in trade-Disallowance is held to be justified. [R. 6DD]
S. 40(a)(iii) : Amounts not deductible-Deduction at source-Outside India-Non-Resident-Reimbursement of salary-Not taxable in India-Not liable to deduct tax at source-DTAA-India-Netherlands. [S. 5, 6, 9, 192, Art. 14, 15]
S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident-Testing and certification fees paid outside India Not chargeable to tax in India-Not liable to deduct tax at source-DTAA-India-Netherland. [S. 9(1)(1), Art. 12]
S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident-Royalty-Licence fee-Second proviso to section 40(a)(i) inserted with effect from 1-4-2020 is curative in nature and has retrospective effect-DTAA-India-Israel. [S. 195, 201(1), Art. 5]
S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident-Commission-Service rendered outside India-article 7 of OECD Model Convention-Not liable to deduct tax at source-No disallowance can be made. [S. 4, 5(2), 9(1)(i), 195)
S. 37(1) : Business expenditure-Brand promotion expenses-Contribution to school for construction of swimming pool-Held not allowable as deduction-Sales promotion-Gift items to Ayurvedic-Allowable as deduction.