S. 45: Capital gains-Capital loss-Carry forward and set off by non-resident-Capital loss incurred under the provisions of the Act r/w art. 13(5) of the India-Ireland DTAA cannot be set off against short-term capital gain derived from the sale of rights entitlement because such gain is not subject to tax in India as per art. 13(6) of the DTAA DTAA-India-Ireland [Art. 13(6)]

S. 45: Capital gains–Rights entitlement-Capital gains arising on sale of rights entitlements are not equity shares as s. 62 of Companies Act, 2013-rights entitlement are covered under the provisions of art. 13(6) and, therefore, cannot be subjected to tax in India but is taxable in the resident State of the assessee i.e., Ireland-DTAA-India-Ireland. [S.90, Art. 13(6), Companies Act, 2013, S.62,]

S. 45: Capital gains-Beneficial owner-Entire consideration was paid by brother-Declared entire consideration in his return of income-Assessee is not a beneficial owner of the said property-Addition was deleted.

S. 45: Capital gains-Joint Development Agreement-Co-owners-Matter remanded to determine the share of each co-owner and decide the taxability-Construction of house within specified period-Matter remanded to decide after considering the relevant documents. [S. 54]

S.43CB: Construction and service contracts-Percentage completion-Project completion method-Method of accounting-Construction Contracts-AS7-Real estate development, constructed residential flats on its own land,-Revenue was to be recognized only upon sale deed execution and possession transfer.[S. 145]

S.43B: Deductions on actual payment-Expenses not charged to P&L a/c-Transferred to work in progress-Disallowances cannot be made. [S. 145]

S. 41(1): Profits chargeable to tax-Remission or cessation of trading liability-Creditors shown as outstanding-Addition cannot be made on an ad hoc basis.

S. 40(a)(ia): Amounts not deductible-Deduction at source-Capitalised the expenditure-Neither are expenses debited to P&L a/c and nor deduction is claimed-Disallowances cannot be made.

S. 12AB: Procedure for fresh registration-Quoting a wrong provision-Order of CIT(E) refusing the registration was set aside. [S. 11, 12]

S. 37(1): Business expenditure-Travel and conveyance expenses-Ad-hoc disallowance of 20%-CIT(A) was justified in deleting the ad-hoc disallowances.