S. 194I : Deduction at source – Rent – Lease line charges- Liable to deduct the tax as rent and cannot be treated as royalty- Cannot be treated as assessee in default. [S. 9(1)(vi), 194J, 201(1)]

S. 153B : Assessment-Search-Time limit-Seized material relating to assessee was received by Assessing Officer of assessee under section 153C in financial year 2011-12, assessment order passed on 22-3-2013 was well within period of limitation. [S. 132, 153C]

S. 89 : Relief for income-tax – Arrears or advance of salary -Relief is available to qua perquisites. [S. 15, 17(1)(v), R. 21A(6)]

S. 80C : Life insurance premium-Repayment of housing loan-Eligible for deduction on total investment after excluding such amount towards repayment of loan.

S. 69C : Unexplained expenditure-Interest on loan-Since payment of interest was reflected in capital account and same was shown as a part of other withdrawal-Addition cannot be made as unexplained expenditure.

S. 68 : Cash credits- Gifts from father father and sister in law – Need not prove the occasion – Addition cannot be made. [S.56(2)(v)]

S. 56 : Income from other sources-Only two share holders husband and wife–lifting corporate veil- On demises of husband shares devolved on daughter-Unrealistic premium paid by mother for allotment of shares -Benefit only passed on to daughter -Provisions of S. 56(2)(viib) cannot be invoked in the hands of the company when cash or asset is transferred by a mother to her daughter. [S. 56(2)(vi), 56(2)(viib), 56 (2) (x) ]

S. 56 : Income from other sources-Fair market value (FMV) of shares issued at premium- Discount cash flow method (DCF)–Net valuation method–Option to choose the method of valuation is with assesses-Determined Fair Market Value of shares issued at premium on basis of Discount Cash Flow method as per guidelines given by ICAI-Assessing Officer cannot change the method of valuation of shares at premium to Net Asset Value method.(NAV) [ S.56(2)(Viib), R.11UA(2)(b)]

S. 56 : Income from other sources-Interest is received under S. 28 of Land Acquisition Act, then same is not taxable in hands of assessee and in case interest is received under section 34 of Land Acquisition Act, same is taxable in hands of assessee-Matter remanded. . [ S.56 (2) (vii), 57,Land Acquisition Act, 1894 S. 28, 34]

S. 54F : Capital gains-Investment in a residential house– Invested in reconstruction of house another house property belong to husband where she was residing–Entitle to exemption-Development expenditure was not allowed on facts. [S. 45]