S. 54 : Capital gains-Profit on sale of property used for residence–invested in multiple properties in different locations and in prescribed securities within stipulated time-Entitle to exemption- Amendment with effect from 1-4-2015 restricting exemption to “One Residential House in India” is not retrospective. [S. 45]

S. 49 : Capital gains – Previous owner-Cost of acquisition–Shares received as gift- Indexed cost- Date of acquisition by previous Owner to be considered. [S. 45,49 (1)]

S. 48 : Capital gains–Computation–Guarantee to loan-Mortgage- No diversion of income by overriding title-No part of cost of clearing guarantee could be deducted in computing capital gains .[ S. 45]

S. 45 : Capital gains–Business income-Sale of shares–Average holding period of 628 days-Assessable as capital gains. [S. 28(i)]

S. 43B : Certain deductions on actual payment -Excise duty — Unutilised Modvat Credit as at end of year on inputs purchased, constitutes actual payment and deductible.

S. 4 : Charge of income-tax –Capital or revenue – Capital subsidy In terms of shareholders’ agreement from foreign company for investment in share capital of joint venture company — Capital receipt not liable to tax as revenue receipt. [S. 28(i)]

S. 260A : Appeal-High Court – Issue not raised and adjudicated by lower authorities – Cannot be permitted to be raised for first time in appeal to High Court .[ S.195A, 201(1) 201(1A) ]

S. 201 : Deduction at source-Failure to deduct or pay-Date of tendering of cheque for payment of Government dues could be deemed to be date of payment of tax-Delay in remittance of said amount to Government account by Bank, no interest can be levied. [S. 201(IA)]

S. 115JB : Book profit–Change in deprecation rate–Reduction due to change in depreciation rate is different from diminution in value of assets and same is not hit by clause (i) of Explanation 1 to section 115JB-Self serving evaluation of useful life of depreciable assets leading to higher rate of depreciation and consequently resulting reduced tax burden for assessee was not bonafide, same would be a colourable device to evade tax- Matter remanded to Assessing Officer for verification. [S. 32]

S. 69 : Unexplained investments-Addition cannot be made in year under consideration in respect of investment in immovable property made in earlier year.