S.45: Capital gains — Business income — Investment in shares – Just because volume and frequency of transactions are high profit on sale of shares cannot be assessed as business income [S.28 (i) ]

S.45:Capital gains — Un registered agreement – The settlement for cancellation of agreement took place after the close of the assessment year 2012-13. There was no contract in the eyes of law under S. 53A after 2001 unless the contract was registered . Addition was not sustainable .[ S. 2(47)(v), Transfer of Property Act, 1882,S.53A ]

S.40(a)(ia):Amounts not deductible – Deduction at source – Payments made to the vendors for the work performed by them by deploying semi-skilled personnel did not involve any technical or professional knowledge on their part, and the work could not be brought within the sweep of S. 194J- Disallowance cannot be made as the assessee correctly deducted the tax at source u/s 194C of the Act .[ S.194C, 194J ]

S.37(1):Business expenditure — Travelling expenses — No disallowance could be made once expenditure is subjected to Fringe benefits tax.

S. 37(1) : Business expenditure -Fines and penalties — Levy of penal interest by Reserve Bank of India for failure to maintain statutory liquidity ratio is entitled to deduction in Assessment year in which liability is crystallised.

Dispute Resolution Scheme, 2016

S.201(1)((h): Tax arrear- penalty levied for contravention of S. 269SS and 269T is eligible to claim the benefit of the Scheme . [ S.202(b), 269SS, 271D, 271E ]

S. 281B : Provisional attachment -Reasonable apprehension that Assessee may default as the transactions discovered to be bogus and net worth of assessee declining accordingly the provisional attachment is held to be Justified [ S.147 ]

S. 263 : Commissioner – Revision of orders prejudicial to revenue -Land converted in to stock in trade -Leased property – Computation of capital gains without considering nature of right of assessee over land , accordingly the revision was held to be valid as the AO has not examined the matter in the correct perspective . [ S.45( 2) ]

S. 245N : Advance ruling – Transaction includes also proposed transaction -Maintainability of application cannot be raised at the time of hearing of application – Duty of the Authority to look in to all aspects of questions posed for its consideration , proceedings on the presumption that one part of agreement has no bearing on other is held to be not tenable [S. 245S(1), 245R ]

S.148: Reassessment – Notice -Concurrent jurisdiction of Assessing Officer Area -Delay and laches on part of assessee in responding notices lost his right to question jurisdiction of Assessing Officer [ S.120(1), 124(3) , 147 ]