S.115BBE: Tax on income referred in section 69-Survey -Surrender of excess stock – Prevailing price of gold had fallen as on 31-3-2013- Unexplained investments – Loss is allowed to be set off against income disclosed in the course of survey -Provision is applicable with effect from 1-4-2017 which h is prospective and not prior to that -Remanded for verification whether entire excess stock found in the course of survey remained unsold as on 31-03 -2103 .[ S. 69 , 133A ]

S. 72 : Carry forward and set off of business losses -Business loss incurred in earlier year could not be set off against income under head income from other sources during relevant year- However, current year’s operational expenditure is to be allowed as set-off as per the provisions of the Act . [ S. 37(1), 56, 70, 71 ]

S.68: Cash credits- Sale of furniture -Cost was very less- Amount shown more for sale of furniture to evade stamp duty- Parties admitted that exchange of some furniture was involved but cost involved was much lesser than amount shown by assessee – Excess amount shown on sale of furniture is held to be assessable as cash credits .[ S. 2(14)(ii),45 , 54, 131 ]

S. 54B : Capital gains – Land used for agricultural purposes – Capital gain utilized towards purchase of new asset before furnishing of return of income belatedly under section 139(4) would be entitle to deduction . [ S. 45, 139(4) ]

S. 57 : Income from other sources – Deductions – Interest from fixed deposits – D-mat charges, legal expenses and medical relief expenses – Not allowable as deduction as the expenditure is not incurred for earing interest from fixed deposit .[ S.56 , 57(iii)]

S. 48 : Capital gains – Computation – Indexation -Asset acquired under a gift, indexed cost of acquisition of such capital asset has to be computed with reference to year in which previous owner first held asset. [ S.45 ]

S. 48 : Capital gains – Computation – Short term capital gain- Performance linked fees and portfolio management fees paid to portfolio manager is not allowable as deduction .[ S.45 ]

S.45: Capital gains- Land -On acquisition of land on which there was a hotel, part of compensation related to land would be subject to Long term capital gains and that on hotel building assessable as short term capital gains. [ S.54 ]

S.45: Capital gains- Business income- Co -owner –land as investment -One of the Co -0wener showing the land as stock in trade -Profit on sale of share is assessable as capital gains and not as business income .[ S.28(i) ,54F ]

S. 40(ba) : Amounts not deductible – Association of persons – Amount paid to member as reimbursement- In order to invoke provisions payments should constitute share income from AOP in hands of recipient member. [ S.67A ]