S. 115A : Foreign companies – Tax – Royalty –Entitled to adopt rate of tax payable on royalty income in respect of both agreements entered into before 1-6-2005 as on or after 1-6-2005 as per provisions of section 115A(1)(b) or provisions of Article 12 of Indo-US DTAA, which were more beneficial- DTAA -India -USA [ S.90 , Art , 12 ]
S. 80P : Co-operative societies – Credit society – Credit facility to its members – Exemption allowable [ S.80P(2)(a)(i) ] S. 80P : Co-operative societies – Credit society – Credit facility to its members – Exemption allowable [ S.80P(2)(a)(i) ]
S. 49 : Capital gains – Previous owner – Cost of acquisition – Indexation – Inheritance – Indexed cost of acquisition has to be computed with reference to year in which previous owner first held asset and not year in which assessee became owner of asset- Property outside India – Entitled to exemption under section 54 where investment in purchase of flat outside India was prior to 1-4-2015 entitled to exemption under section 54 where investment in purchase of flat outside India was prior to 1-4-2015 [ S. 2(42A, )45, 48(iii) ,49(1)(iii)(a), 54, 54F ]
S. 43(5) : Speculative transaction – Foreign exchange fluctuation – Forward contract- Not speculative in nature – Allowable as revenue expenditure [ S.37 (1) ]
S.37(1): Business expenditure – Monetary incentive to its members – Allowable as deduction
S.37(1): Business expenditure – Prior period expenditure – Held to be allowable
S. 32 : Depreciation -Computer system- Switches and routers- Part of peripherals of computer system- Entitled to depreciation at rate of 60 per cent
S. 32 : Depreciation -Additional depreciation – Machinery was put to use for less than 180 days – Balance depreciation of 50% is allowable in subsequent year . [ S. 32(1)(iia) ]
S. 28(i) : Business income – Income from house property – letting out building along with other amenities in industrial park- Assessable as income from business [ S. 22 ]
S.14A : Disallowance of expenditure – Exempt income – No disallowance can be made when the assessee had not earned any exempt income [ R.8D ]