S. 72 : Carry forward and set off of business losses–Return was not filed with in prescribed time–Application for condonation of delay was not filed with in permissible time limit – Rejection of application is held to be justified. [S. 119, 139(1), 254(1)]
S. 69C : Unexplained expenditure–Hawala transaction-Bogus purchases–Trading in paper and paper products-Adoption of profit at 12.5 % of alleged bogus purchases is held to be justified. [S. 143(3)]
S. 54B : Capital gains – Land used for agricultural purposes– Denial of exemption on the basis of report of inspector and statement of bataidar is held to be justified. [S. 45]
S. 45 : Capital gains-Transfer- Agreement to sell flats which were yet to be constructed–No transfer has taken place during the year -Not assessable as capital gains. [S.2(47)(v), Transfer of property Act, 1881, S. 53A]
S. 43B : Deductions on actual payment–Provision for Licence fee -Mercantile system of accounting-S.43B(1)(g) inserted with effect from 1-4-2017 will accordingly apply to assessment year 2017-18 and subsequent assessment years. [S. 43B(1)(g), 145]
S. 43(1) : Actual cost–Subsidy-Setting up new industry- Calculation of subsidy on the basis of sales tax or excise duty- Amount of subsidy was not to be deducted from actual cost for purpose of calculating depreciation etc. [S. 4, 32]
S. 42 : Business for prospecting-Mineral oil–Surrender of oil blocks before commencement of commercial production would be treated as surrender for claiming deduction of oil exploration expenditure. [S. 42(1)(a)]
S. 41(1) : Profits chargeable to tax – Remission or cessation of trading liability -Sundry creditors shown in books of account merely on ground that assessee failed to furnish PAN or correct address of those creditors additions cannot be made.
S. 37(1) : Business expenditure–Consultancy fee-Investment research services, paid an amount to its foreign associate entity – Allowable as business expenditure.
S. 37(1) : Business expenditure–Membership fees paid to club by Chairman and Managing Director of company-Allowable as business expenditure.