S. 45(4) : Capital gains-Distribution of capital asset-Dissolution of firm-Revaluation of asset-Crediting amount of said revaluation to partners’ capital account-Transfer-Profit or gain arising from transfer is taxable in hands of firm-, Fair market value fixed by stamp duty value authorities should be taken as deemed full value of consideration for purpose of section 48 of the Act. [S. 45, 48, 68]
S. 45 : Capital gains-Capital asset-Family settlement-Right of possession agreement-Undisclosed sources-Matter is restored to file of Assessing Officer to examine aforesaid facts.[S. 2(14), 69]
S. 44BBB : Foreign companies-Civil construction-Turnkey power projects-Offshore supply contracts-Business profits-Income deemed to accrue or arise in India-Business connection-Contracts were carried out and concluded outside India, income received from offshore supply contracts would not be taxable in India-DTAA-India-Russia. [S. 9(1)(i), Art. 7]
S. 43(5) : Speculative transaction-Loss from derivative transaction-Speculative transaction-Matter is restored to Assessing Officer to specifically examine same whether derivatives had been dealt with by assessee and whether such derivatives were transacted through recognised stock exchange as defined in section 43(5)(d).-Cash credits-Matter remanded. [S.43(5)(d), 43(5)(e)]
S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident-Export commission-Sales, marketing and customer support services rendered outside India by foreign agents-Cannot be treated as Fees for technical services-Not liable to deduct tax at source-DTAA-India-Korea.[S.9(1)(vii): Art. 13]
S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident-Software training services outside India-Not required to deduct tax at source-OECD Model Convention, Article 12. [S. 9(1)(vii)(b), 195]
S. 37(1) : Business expenditure-Robbery-Theft-Embezzlement-Business of gold-Loss arising from robbery-Incidental to normal business-Allowable as deduction. [S.28(i)]
S. 37(1) : Business expenditure-Advertisement expenditure-Hospital-Unethical acts-Violation of provisions of Indian Medical Council Act, (professional conduct, Etiquette and Ethics) Regulations, 2002-Not allowable as deduction.
S. 37(1) : Business expenditure-Provisions for gratuity and leave encashment-Accounting Standard-15-Claimed only actual payment made to employees-Not to be reduced earlier year provisions from current profit and loss account.[S. 145]
S. 36(1)(va): Any sum received from employees-COVID-19-Delay in depositing the amount-EPF Organisation had waived levy of penal damages for delayed payment during lockdown-Disallowance is deleted. [S.43B]