S. 45: Capital gains-Capital loss-Sale of shares-Cost of acquisition-Special provision of S. 50CA which considers the fair market value as full value of consideration for transfer of unquoted shares has been brought into effect from asst. yr. 2018-19-Loss cannot be disallowed. [S.48, 5OCA]

S. 44BB : Mineral oils-Computation-In the absence of a PE of the assessee in India-Not taxable in India-DTAA-India-Canada-Non-Resident-Income subject to TDS-Interest cannot be levied. [S.90, 209(1), 234B Art. 7]

S. 43B : Deductions on actual payment-Tax collected at source-Holds custodian of Government-Not disallowable. [S.143(1), 206C(6A)]

S.37(1): Business expenditure-Finance charges-Treated as deferred revenue expenditure or prepaid expenditure in the books of accounts over the period of loan-Allowable as deduction-Bad debt-matter remanded. [S. 36(1)(viia), 145]

S. 32: Depreciation-Actual cost-Grant in aid received from Government-Grant-in-aid basis the scheme is directly attributable to the cost of plant and machinery and technical civil works-Grant-in-aid is therefore, required to be reduced from the value/cost of the assets eligible for depreciation. [S. 32(1)(ii),43(1), Expln 10.]

S. 28(i) : Business loss-Loan to employees-Sundry advances written off is allowable as business loss. [S. 37(1)]

S.14A : Disallowance of expenditure-Exempt income-Interest free funds-Not recorded dissatisfaction-Addition is deleted. [R.8D]

S. 10B: Export oriented undertakings-Non-realisation of export proceeds within six months-CIT(A) has rightly issued directions to allow the assessee’s claim in the year of return after due verification of the facts of return of goods-Provisions for doubtful debts and advances-Not to be added to book profit.[S.115JB]

S. 10A : Free trade zone-Export turnover-Total sales-Deemed exports-Export turnover should constitute at least 75 per cent of the total turnover, although in quantitative terms, the export quantity might be less than 75 per cent of the total sale quantity.[S.10A(2)(ia), Export-Import Policy 1992-97]

S. 9(1)(vii) : Income deemed to accrue or arise in India-Fees for technical services-Global online learning platform-The receipts of the assessee do not qualify as fees for included services under art. 12(4) of India-USA tax treaty-DTAA-India-USA. [S. 144C(13), Art. 12(4)]