S.2(14)(iii): Capital asset-Agricultural land- Land entered in revenue records as agricultural land — Agricultural income from land declared and accepted by the revenue – Onus is on department to prove contrary — Profits on sale of land is not assessable to capital gains tax.[ S.45 ]

S. 271AAB:Penalty -Search initiated on or after Ist day of July 2012- Levy of penalty on the basis of loose sheets found on the course of search was held to be not justified as loose sheets represented only projection -Imposition of penalty is directory and not mandatory . [ S. 132(4 ) ]

S. 244A : Refunds – Interest on refunds -Refund on account of excess TDS and advance tax was less than 10 per cent of total tax determined on regular assessment, hence not entitle to interest on refunds .

S. 80IC : Special category States -Hotel – Eco-tourism – Expansion of unit in hotel building constitutes investment in plant and machinery and entitle to deduction .

S.56: Income from other sources -Interest received by assessee from deposits given for obtaining bank guarantee was to be assessed as income from other sources. [ S.28(i) ]

ACIT v. Shrey Sharma Guleri Prime Channel Software Communications (P.) Ltd. (2018) 170 ITD 295 (Mum) (Trib.)

S.56: Income from other sources -I nterest from GIDA on cancellation of auction plots under direction of Supreme Court, since interest was emanating from amount paid by assessee and not directly from its business activities, it could not be considered as business income. [ S.28(i) ]

S. 54 : Capital gains – Profit on sale of property used for residence – Basement was used as part and parcel of residential house hence capital gains invested in two residential house properties would be entitle to exemption .[ S.45 ]

S. 43(5) : Speculative transaction -Derivative -Both delivery based transaction and derivative transactions are non-speculative as far as S. 43(5) is concerned and, thus, they will have same treatment as regards application of Explanation to S. 73 of the Act, matter was remanded back to Assessing Officer to bifurcate speculative loss and normal business loss [ S. 43(5) (d), 73 ]

S. 28(i) : Business income -Providing warehousing services along with other facilities such as security service and other services to keep goods safe and under hygienic conditions, said activity systematically undertaken by assessee is assessable as business income and not as income from house property ,wrongly deduction of tax at source would not change character of income to rental income .As regards rejection of books of account and estimation of income was set a side to CIT(A) for re adjudication [ S. 22, 194I ]

S. 12AA : Procedure for registration –Trust or institution- Mainly on ground that it was charging hefty fee from students registration cannot be refused as society is providing free education to needy students and free medical aid to needy patients [ S.2(15) ]