S. 54F : Capital gains-Investment in a residential house–Full value of consideration-No requirement that sale proceeds alone is to be utilised for making deposit in capital gains scheme-Only one house property as on date of sale of plots-only net consideration is required to be appropriated towards purchase of new asset. [S. 45, 48, 50C]
S. 54 : Capital gains-Profit on sale of property used for residence– Deposit in Capital gain account scheme-Payment to developer within prescribed time-Possession was not obtained-Consumer Redressal Commission had put stay on developer-Exemption cannot be denied-Amount deposited in capital gain account also cannot be taxed though the amount was not utilised with in specified time limit. [S. 45, 54(2)]
S. 54 : Capital gains-Profit on sale of property used for residence- -Investment in purchase of new residential property up to date of filing of his revised return- Entitle to exemption. [S. 139(5)]
S. 45 : Capital gains-Business income-Shares held as investment–Recorded as investment in the books of account at the time of purchase and from year to year–Sale consideration cannot be assessable as business income.[S. 28(i)]
S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability–Waiver of interest and LIC guarantee fee-Not claimed as deduction in earlier years-Addition cannot be made– Adjustment of carry forward of losses and depreciation-Matter remanded to CIT(A) for read judication.
S. 40(a)(ia) : Amounts not deductible-Deduction at source–Hiring charges for use of cranes–Payment being not contractual – Not liable to deduct tax at source. [S. 194C]
S. 40(a)(ia) : Amounts not deductible-Deduction at source-Contractor-PAN of transporters at time of payment of freight was collected–Disallowance cannot be made. [S. 194C(6), 194C(7)]
S. 37(1) : Business expenditure-Prior period expenses–Method of accounting -Bills received during the year–Liability crystallised during the year–Allowable as deduction. [S. 145]
S. 37(1) : Business expenditure–Interest-Commercial expediency –Unrelated parties-Payment was made as part of contract– Disallowances cannot be made. [S. 36(1)(iii)]
S. 37(1) : Business expenditure-Indian subsidiary-Head office- Payment to holding company for providing services-Matter remanded.