S. 50C : Capital gains – Full value of consideration – Stamp valuation -Stamp valuation was disputed before the AO- It is the duty of AO to refer the matter to Valuation Officer-The department cannot be allowed a second inning, by sending the matter back to Assessing Officer, enabling it to fill the lacunae and shortcomings and putting the assessee virtually to face a re-trial for no fault of him and to again prove before the Assessing Officer that the sale consideration was the fair market value of the property sold by him. [S. 45]

S. 50C : Capital gains – Full value of consideration-Stamp valuation -An agreement to sell was executed by assessee on 8-2-2010 and Sale deed was executed and registered on 5-6-2012 – In view of proviso to S.50C capital gain was to be computed on basis of stamp duty valuation rate prevailing on date of agreement to sell -Matter was to be remanded to Assessing officer to determine sale value of property on basis of circle rate applicable on property on 8-2-2010, and thereafter compute long-term capital gain assessable in assessment year 2013-14 . [S. 45]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Credit card commission-Payments to banks on account of utilization of credit card facilities would be in nature of bank charge and not in nature of commission- Not liable to deduct tax at source. [S. 194H]

S. 37(1) : Business expenditure–Income -tax -Delay in payment of tax deduction at source- Interest paid under S. 201(1A) is in nature of tax and not allowable as business expenditure. [S. 2(43), 40(ii), 201(IA )]

S. 37(1) : Business expenditure–Penal interest-Service tax- Payment of interest on delayed remittances of services tax is only compensatory in nature and would not be in nature of penalty which would be hit by Explanation to S.37(1).

S. 23 : Income from house property – Annual value -Vacancy allowance- When property had remained let out for a period of 36 months, and thereafter could not be let out and had remained vacant during whole of year under consideration, but had never remained under self-occupation of assessee, ‘annual value’ of said property was to computed at nil. [S. 23(1)(a), 23(1)(c)]

S. 12A : Registration –Trust or institution-Educational trust- Registration could not be denied on ground that assessee should have sought approval under S. 10(23C)(vi) of the Act. Matter remanded to CIT (E), in accordance with law. [S. 10(23C)(iiiad), 10(23C(vi)]

S.22: Professional misconduct- SEBI and disciplinary committee of ICAI found respondent guilty of several irregularities in public issu of a company – Removal of his name from register of members of ICAI for a period of one year , reference was accepted .

S.147 : Reassessment – Notice – Non-resident – Permanent-establishment – Tax deduction at source – Survey –Reassessment proceedings was held to be valid by High Court -Subsequent finding of DRP that there was no permanent of assessee in India , AO has dropped reasssement proceedings- Order passed by High Court up holding validity of proceedings was set aside- DTAA–India–Korea. [S.148, Art. 5 ]

S. 13 : Denial of exemption-Trust or institution- Investment restrictions -Shares received by way of gift failed to dispose off or convert said shares in to permissible investments – Denial of exemption is to be restricted to only income earned from shares to be taxed at marginal rate under S.164(2) and not on entire income of the assessee.[ S. 11,13(1)(d) (iii),164(2) ]