S.54: Capital gains- Profit on sale of property used for residence- Garage is also part of the house and eligible for exemption [ S.45 ]

S. 54 : Capital gains – Profit on sale of property used for residence-Purchase of four flats merged in to one residential house – Entitle to exemption. [ S.45 ]

S.33AB: Tea development account – Amount withdrawn from NABARD deposit account accordance with tea development Scheme 2007 was not utilised the entire amount with in year in which withdrawal was made but utilised partly after the end of said year amount cannot be taxed by deeming fiction [ S.33AB(7), 139(1)]

S.28(i): Business income -Income from house property -Manufacturing activities were closed and premises given on lease , rental income is held to be assessable as business income and remuneration paid to directors is held to be allowable deduction .[ S.22, 37(1)]

S. 14A : Disallowance of expenditure – Exempt income -Disallowance has to be made even if the assessee has not earned any tax free income on the investment- Revision was held to be valid [S.263 , R.8D ]

S.9(1)(i): Income deemed to accrue or arise in India – Business connection -Profit earned from offshore supply of installation and commissioning activities of equipments relatable to operations carried out in India is held to be taxable since it had supervisory Permanent establishment in India – DTAA- India- China [ Art. 5 ]

S. 4 : Charge of income-tax -Capital or revenue-Book profit – Sales tax subsidy granted by the Government for purpose of setting up or expansion of Mills would be capital receipt- Amended provisions treating subsidy or grant as income u/s 2(24)(xvii) are prospective in nature and not applicable to assessment year prior to AY.2016-17) [ S.2(24)(xvii),28 (i),115JB ]

S.260A: Appeal –High Court – Penalty -Stay the proceedings to give effect to the order of Tribunal was rejected – Determination of the tax payable by the assessee is in the nature of money decree and hence should be paid to successful party – If assessee finally succeeds in appeal it would get the amount refunded with interest.[ S.271D ]

S. 271(1)(c) : Penalty – Concealment – Penalty imposed on addition made on the basis of confessional statement of assessee and supplier after search was held to be valid.

S. 263 : Commissioner – Revision of orders prejudicial to revenue –Order passed after expiry of two years from the end of the financial year was held to be bad in law . [S.260A ]