S. 45: Capital gains — Transfer — Power of attorney was executed in the year 1993 -94 but actual possession was given in the year AY. 2003 -04, capital gain was held to be taxable in the year of handing over of possession . [ S. 27(v), Transfer of Property Act, 1882, S.53A ]
S. 45: Capital gains- Search – Additions cannot be made on the basis of statement of third parties, when no incriminating documents were found in the course of search action on the assesse. [ S. 132(4), 158BA ]
S. 45: Capital gains- Business income – Profit earned on sale of Shares or Units of Mutual Funds was held to be assessable as capital gains .[ S. 28(i) ]
S. 45: Capital gains — Business income –Profit on sale of shares was held to be assessable as capital gains and not as business income [ S. 28(i) ]
S. 44C : Non-residents – Head office expenditure – Salary paid to expatriates stationed in India working exclusively for business operations In India, provision was held to be not applicable .
S. 44BBB : Foreign companies – Civil construction – Presumptive taxation-Percentage completion method -Rejection of books account and assessment at presumptive rate of tax was held to be not justified [ S.44AA(2) ]
S. 44BB : Mineral Oils – Computation – Income deemed to accrue or arise in India- Royalties and fees for technical services -Specific provision is applicable and provision of S.44DA is not applicable- Article 12 of OECD Model Convention [ S.9(1)(vii), 44DA ]
S. 41(1) : Profits chargeable to tax – Remission or cessation of trading liability -Benefit from Pre-payment of deferred Sales Tax Liability cannot be assessed u/s 41(1).
S. 41(1) : Profits chargeable to tax – Remission or cessation of trading liability – Creditors were paid in subsequent years hence addition was held to be not justified .
S. 41(1) : Profits chargeable to tax – Remission or cessation of trading liability – Deferral sales tax Scheme -Premature payment in terms of net present value (NPV) of same cannot be assessed as remission or cessation of liability [ S.43B ]