S. 36(1)(viia) :Bad debt-Provision for bad and doubtful debts – Schedule bank – A co-operative bank is entitled to claim deduction of bad debts provided in first part of S.36(1)(viia)(a) being 7.5 per cent of total income even in absence of rural branches.
S.10(22): Educational institution- Exemption cannot be denied merely on ground that it was receiving fees from foreigner students in foreign exchange abroad by way of an arrangement with an educational organisation abroad.
S. 194C : Deduction at source – Contractors – Refining crude oil and selling petroleum products – Agreement with another company for transportation of goods- Works contract-Rent- Liable to deduct tax at source u/s 194C and not 194I [ S.194I ]
S. 43D : Public financial institutions -Real income- Co -Operative Bank – Interest on non -performing assets -Shown in books as per RBI guidelines – Interest not accrued- Not assessable [ S.4 , 5, 145, RBI Act, 1934, S. 45Q ]
S. 251 : Appeal – Commissioner (Appeals) – Powers -Once appeal is filed the said appeal cannot be withdrawn by the assessee- CIT(A) has to decide the appeal on merit- Delay of 116 days in filing the appeal before the Tribunal was condoned .[ S. 246A,250(4), 253 , 254(1)
S. 263 : Commissioner – Revision of orders prejudicial to revenue -Business expenditure -Advertisement and publicity-Payment to cricketer -AO allowed the expenditure after considering the explanation- Revision is not to be not justified [ S.37(1) ]
S.234E: Fee-Default in furnishing the statements- Amendment to S. 200A with effect from 1-6-2015 empowering AO levying fees under 234E is prospective- Processing TDS statements for period prior to 1-6-2015 fee cannot be charged .[ S.200A ]
S.55: Capital gains- No cost of acquisition – Transfer of trade mark- Cost of acquisition is not ascertainable – Not liable to tax [ S.2(14),4, 45,48 , 55(2)(a)]
S. 43(5) : Speculative transaction – Derivatives-Loss incurred on future and option is deemed to be business loss- Loss would be set off against income from business- Explanation to S.73 is not applicable [ S.73 ]
S. 14A : Disallowance of expenditure – Exempt income – Disallowance cannot exceed the exempt dividend [ R.8D ]