S. 43B : Deductions on actual payment -Unutilised MODVAT credit representing excise duty paid of raw material/input at the end of year cannot be allowable as deduction

S. 43B: Deductions on actual payment – Employees provident fund -No disaalowance can be made , if deposted prior to due date of filing of return [ S.139(1)]

S.37(1):Business expenditure –Bank- Provision for interest on over due deposits being ascertained liabilities which is crystallised during the relevant previous year is held to be allowable as deduction [ S.145 ]

S. 11 : Property held for charitable purposes – Application of income -Wrirte back of depreciation was allowed to be carried forward for application of income of subsequent years [ S.32 ]

S. 37(1): Business expenditure – Expenditure incurred fpr acqudsition of application software which was subsequently abandoned would be allowable in year of write off as revenue expenditure [S.145 ]

S. 32A:Investment allowance- Development rebate -Transfer of asset within 8 years to the retiring partner , denial of benefit of investment allowance/development rebate was justified.[ S.2(47),34(3),35A ,155(4A)]

S. 14A: Disallowance of expenditure – Exempt income – Assessing Officer cannot attribute administrative expenses for earning tax free income in excess of total administrative expenditure.[R.8D ]

S. 14A : Disallowance of expenditure – Exempt income -Net interest- Prior to its amendment with effect from 2-6-2016 , amount of expenditure by way of interest would be interest paid by assessee on borrowings minus taxable interest earned during financial year [ R.8D ]
Dismissing the appeal of the revenue , the Court held that ; Prior to its amendment with effect from 2-6-2016 , amount of expenditure by way of interest would be interest paid by assessee on borrowings minus taxable interest earned during financial year . (AY. 2008-09)
Nirma Credit & Capital (P.) Ltd (2017) 85 taxmann.com 72 / ( 2018) 300 CTR 286 (Guj HC)

S.147: Reassessment – After the expiry of four years – Undisclosed investment – Valuation of shares – All facts were disclosed in the original return- Reassessment notice for valuing the shares at Rs. 35 as per Govt valuer’s report as against the purchase value of Rs. 10 per share, though the value as per rule 11U was less than Rs. 5 per share .Reassessment proceeding is stayed by passing interim relief in terms of prayer clause (d) of the Act .[S. 56(2)(vii),69B, 148, R.11UA ]

S. 4 : Charge of income-tax -Accrual- Contractor- Income in respect of sale of flats is accrued when possession was given of the flat and not when the allotment letter was issued [ S.145]