S. 54B : Capital gains – Land used for agricultural purposes – Capital gain utilized towards purchase of new asset before furnishing of return of income belatedly under section 139(4) would be entitle to deduction . [ S. 45, 139(4) ]

S. 57 : Income from other sources – Deductions – Interest from fixed deposits – D-mat charges, legal expenses and medical relief expenses – Not allowable as deduction as the expenditure is not incurred for earing interest from fixed deposit .[ S.56 , 57(iii)]

S. 48 : Capital gains – Computation – Indexation -Asset acquired under a gift, indexed cost of acquisition of such capital asset has to be computed with reference to year in which previous owner first held asset. [ S.45 ]

S. 48 : Capital gains – Computation – Short term capital gain- Performance linked fees and portfolio management fees paid to portfolio manager is not allowable as deduction .[ S.45 ]

S.45: Capital gains- Land -On acquisition of land on which there was a hotel, part of compensation related to land would be subject to Long term capital gains and that on hotel building assessable as short term capital gains. [ S.54 ]

S.45: Capital gains- Business income- Co -owner –land as investment -One of the Co -0wener showing the land as stock in trade -Profit on sale of share is assessable as capital gains and not as business income .[ S.28(i) ,54F ]

S. 40(ba) : Amounts not deductible – Association of persons – Amount paid to member as reimbursement- In order to invoke provisions payments should constitute share income from AOP in hands of recipient member. [ S.67A ]

S. 40(a)(ia): Amounts not deductible – Deduction at source -Interest- Where recipient/deductee had already paid tax on impugned amount of interest under section 194A received from assessee by filing return of income, such interest payment could not be disallowed – Second Proviso to section 40(a)(ia) has retrospective effect from 1-4-2005 [ S.194A , 195(3) . 201(1) ]

S. 40(a)(ia): Amounts not deductible – Deduction at source – Supplier transported goods to assessee through their own transport agency-there was no contract between assessee and transporter- Not liable to deduct tax at source .[ S.194C]

S.37(1):Business expenditure -Sales promotion expenses- supply of certain products free of cost to Government hospitals and other hospitals in pursuance of purchase order placed by such hospitals- Allowable as business expenditure – Circular No 5/2012 dt. 1-8-2012 (2012) 346 ITR 95 (St) is prospective in nature .