S.56:Income from other sources – Unquoted equity shares -Discounted cash flow method – Net asset value method – Option to adopt the method of valuation is with assessee- When no defect is found in valuation of shares arrived on basis of discounted cash flow method addition made by the AO on basis of net asset value method was to be set aside. [ S.56(2)(vii)(b), R. 11UA ]
S. 57 : Income from other sources – Deductions -Failure to establish the nexus between interest earned on fixed deposits and the expenditure incurred , claim of deduction was held to be not allowable [ S. 56 , 57(iii) ]
S.68:Cash credits -Deposit of sale consideration of agricultural land in savings bank account can not be assessed as cash credits . [ S.2(14)(iii) ]
S. 69A : Unexplained money -Agricultural land – Sale agreement was not doubted, deletion of addition was held to be justified .
S. 80P : Co-operative societies -Reginal Bank -As per the overriding provisions contained in S.22 of Regional Rural Bank Act , 1976 , the deduction is available. [ S.80P(2)(a)(i) ]
S. 115U : Venture capital companies – Venture capital Funds – long term capital gains on purchase and sale of units of Venture capital fund which has suffered Securities Transaction tax is exempt from tax. [ S. 10(23FB),(10(38) ]
S. 194H : Deduction at source – Commission or brokerage -Cash discount given to customers for purchasing in bulk quantity cannot be termed as commission hence not liable to deduct tax at source .
S. 201 : Deduction at source – Failure to deduct or pay -Short deduction of tax at source was rectified and in appellate proceedings and paid the tax with interest, assessee cannot be treated as assessee in default .[ S.194C, 201(1), 201(IA]
S. 263 : Commissioner – Revision of orders prejudicial to revenue -Non est revised return cannot be revised as the assessment order itself is null and void.
S. 201 : Deduction at source – Failure to deduct or pay -Short deduction of tax at source was rectified and in appellate proceedings and paid the tax with interest, assessee cannot be treated as assessee in default .[ S.194C, 201(1), 201(IA]