S. 145 : Method of accounting-Cash system-Tax deduction at source-Mismatch of professional receipts appearing in form no 26AS-Credit for tax deduction at source was claimed-Corresponding professional receipts cannot be assessed to tax if such receipts were otherwise not assessable as income for the relevant year. [S. 194A, 194J, 199 R.37BA, form 26AS]

S. 143(2) : Assessment–Service of notice to manager is a valid service as the assessee has appeared before the Assessing Officer without taking any objection. [S. 292BB]

S. 73 : Losses in speculation business – Business of manufacturing and trading of soya premier nutrition and dairy products- Hedging of forward trading – No specific details shown by the assessee to demonstrate that to guard against loss through price fluctuation which might arise from contracts for delivery of goods- loss from alleged contracts did not fall under proviso (a) of section 43(5) of the Act. [ S.43(5)]

S. 56 : Income from other sources -Share holder -Close relatives -Transactions between close relatives provisions of S 56(2) (vii)(c) is not applicable-Revision on the basis of audit objection is held to be not valid [S. 56 (2) (vii)(c), 263]

S. 54F : Capital gains – Investment in a residential house – Though new asset purchased within prescribed period had been let out would still be entitled to claim deduction. [S. 45]

S. 50C : Capital gains – Full value of consideration – Stamp valuation-Valuation of property submitted by the Assessee was rejected and referred the matter to DV0-Value adopted by the DVO is binding on the Assessing Officer. [S. 45]

S. 45 : Capital gains-Cold storage–Destruction by fire-Insurance claim-Insurance claim received was Rs.1.35 crores and reconstruction / renovation expenses incurred was Rs.3.55 crores-Amount received as claim cannot be assessed as short term capital gains. [S.45 (IA)]

S. 45 : Capital gains-Transfer-Capital asset-Deemed transfer-Amount received on assignment of by virtue of unregistered agreement of lease hold rights – After the amendment Act 2001 -Not liable to capital gains tax. [S. 2(14), 2(47(v), Transfer of Property Act, 1882 S.53A, Registration Act, 1908, S.17, 49]

S. 40A(3) : Expenses or payments not deductible – Cash payments exceeding prescribed limits -Payments were made during public holidays -No disallowance could be made – Payments to agents- No disallowance can be made. [R.6DDJ, 6DDK ]

S. 37(1) : Business expenditure-Real estate developer–Advertising and business promotion-Corporate brand identity exercise, logo design etc is allowable as deduction as it is not attributable to any particular project -Amount spent on Liaisoning work in relation to a particular project has to be capitalised to concerned project -Method of accounting–AS-7 or AS 9 or ICAI guidance note on accounting for real estate transactions, 2006 cannot be said to be either cash system of accounting or mercantile system of accounting , only up to AY. 2012-13. [S. 145]