S. 48 : Capital gains-Mode of Computation-Cost of acquisition-Unaccounted receipts taxed as part of capital gains, related unaccounted expenditure cannot be taxed separately-Cash payments related to personal expenses, were sourced from unaccounted receipts-Personal expenditure is deleted. [S.45 69C]
S. 44C : Non-residents-Head office expenditure-Head office expenses-Allocated to PE in India-Allowed full-Prior to amendment of article 7(3) of India-UAE DTAA by way of protocol dated 28-11-2007-Expenditure incurred outside India exclusively for operations of Indian branches would not fall within ambit of section 44C-Allowable in full-DTAA-India-UAE [Art. 7]
S. 43CA : Transfer of assets-other than capital assets-Full value of consideration-stock in trade-Agreement value-Stamp valuation-Developer-Booking of flat-Addition is deleted.[S. 43CA(3), 43CA (4), 50C]
S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Bad debts written off-Matter is remanded for de novo consideration.[S. 131, 133(6)]
S. 40A(3) :Expenses or payments not deductible-Cash payments exceeding prescribed limits-Payments were made on bank holidays-Issue is restored back to file of Assessing Officer for examination afresh.
S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident-Payment of advisory fee to a foreign company-Not fees for technical services-Not liable to deduct tax at source-DTAA-India-Singapore. [S. 9(1)(vii), 195, Art. 12]
S. 37(1) : Business expenditure-Finance lease rental-Providing remote infrastructure management, remote helpdesk, remote network monitoring services and other services for foreign customers-Allowable as business expenditure.
S.37(1): Business expenditure-Service tax payment-Corporate agency agreement-Allowable as deduction.
S.37(1): Business expenditure-Expenditure incurred on sale of commercial space-Payment was made by cheque-Order of CIT(A) deleting the addition is affirmed.
S.37(1): Business expenditure-Capital or revenue-Retainership fees to two foreign agents for marketing and business development-Allowable as revenue expenditure.