S. 80JJAA : Employment of new workmen-Persons working in software industry could be said to be workmen who render technical services and not services in the nature of supervisory or management character-Electronic design automation (FDA) software license First year of employment-Employees had worked for more than 300 days during relevant assessment years.

S. 80IB(10) : Housing projects-Building competition certificate-Mere delay in issuing competition certificate-Exemption cannot be denied-Inner measurements of a residential unit as well as projection or balcony would form part of built-up area-Within a composite housing project, where there are eligible and ineligible units, assessee can claim proportionate deduction in respect of eligible units-Higher GP rate cannot be a sole decisive factor for declining an assessee’s claim of deduction-Period during which lockdown was in force in view of COVID-19 pandemic, would stand excluded for purpose of working out time limit for pronouncement of orders, as envisaged in rule 34(5). [S. 255, ITAT R. 34(5)]

S. 80IA : Industrial undertakings-Infrastructure development-Initial assessment year-Not required to reduce losses arising from eligible business which was already set off against other business income. [S. 70, 71, 72, 80IA(5)]

S. 80IA : Industrial undertakings-Infrastructure development-Positive income on account of disallowances-Entitle to deduction. [S. 80IA (4)]

S. 72A : Carry forward and set off of accumulated loss and unabsorbed depreciation-Demerger-Demerged company would be allowed to be carried forward and set off in hands of resulting company. [S. 2(19AA)]

S. 71 : Set off of loss-One head against income from another-Set-off loss against under the head salaries-Not permissible-Depreciation loss is allowed to subsequent year. [S. 32, 71(2A) 72]

S. 68 : Cash credits-Shares at high premium-Genuineness of transaction and identity and creditworthiness of share applicants were proved-Addition is held to be not justified-Income from other sources-Provisions of section 56(2)(viib) inserted by Finance Act, 2012 with effect from 1-4-2013 to examine justification of share premium would apply prospectively from assessment year 2013-14. [S.56(2)(viib)]

S. 56 : Income from other sources-Non-resident-Additional evidence filed first time before Appellate Tribunal-Matter remanded. [S. 6, 56(2)(viib), 254(1)]

S. 56 : Income from other sources-Shares allotted in lieu of purchase consideration for an acquired asset-May adopt either NAV method or DCF method-Assessing Officer can determine fresh valuation but cannot change method of valuation opted by Assessee. [S. 56 (2)(viib), Rule 11UA(2)(b)]

S. 54F : Capital gains-Investment in a residential house-No evidence to show that investment in house property-Denial of exemption is held to be valid-Reassessment is held to be valid [S. 45, 147, 148]