S. 9(1)(i) : Income deemed to accrue or arise in India-Business connection-Security–Shares-Sale of units of equity linked mutual funds and derived short term capital gain (STCG)-Exempt to tax in India – DTAA–India–UAE [S.5(2), Indian Companies Act, 2013, S.2(84), Securities Contract (Regulation) Act, 1956. Art. 3(2), 13(4)]

S. 268A : Appeal–Monetary limit-Revised/enhanced minimum threshold limit of tax effect of Rs. 50 lakhs vide CBDT Circular No. 17/2019 dated 8-8-2019 is applicable not only for appeals to be filed by revenue in future but also for appeals already filed by revenue. [S. 253]

S. 251 : Appeal-Commissioner (Appeals)–Powers–Additional evidence–Cash credits–Share application money-Deletion of addition accepting fresh evidence, without giving an opportunity to the AO– Violation of Rule 46A(3) is liable to be set aside. [S. 68, 254(1), R.46A]

S. 71 : Set off of loss-One head against income from another- Unabsorbed depreciation is deemed to be current year’s depreciation and can be set off against capital gain. [S. 32(2), 45]

S. 69B : Amounts of investments not fully disclosed in books of account–Seized paper–Matter remanded. [S. 132 , 153A, 292C]

S. 68 : Cash credits–Share application money–Issue of shares at premium-Journal entries–No inflow of cash-Deletion of addition is held to be justified. [S. 131]

S. 57 : Income from other sources-Deductions–Interest from bank-Bank charges-Failure to establish directly related to earning of interest income from banks. [S. 56, 57(iii)]

S. 56 : Income from other sources–Gift- Difference in valuation in fair market value of property and value adopted by the AO is less than 1%-deletion of addition is held to be justified. [S. 56(2)(viia)]

S. 50C : Capital gains-Full value of consideration-Stamp valuation-When an assessee objects for stamp valuation–AO is bound to make reference to DVO for determination of value of property-Matter remanded. [S.45, 50C(2)]

S. 45 : Capital gains-Land and building -Right in the lease hold land– Building-Lease hold right assessable under normal provisions of the capital gains-Building being depreciable asset capital gain to be computed as short term u/s.50 of the Act. [S. 2(11), 2(29A), 2(29B), 2(42A), 50]