S. 45: Capital gains-Share purchase agreement-Long term or short term-Conditional sale and only upon fulfilment of conditions, date of contract of sale was to be crystallized-Effective date of transfer would be date of receipt of sale consideration-Held shares for more than 12 months, shares were to be treated as long-term capital assets liable to long-term capital gains-Addition on account of capital gain is deleted-Corresponding penalty levied under section 271(1)(c) is also quashed. [S. 2(29A) 2(42A), 10(38), 271(1)( c)]

S. 44BB : Mineral oils-Computation-Income deemed to accrue or arise in India-Business connection-Permanent Establishment-DTAA-India-UK [S.9(1)(i), Art. 5]

S.43B: Deductions on actual payment-Current liability-GST amount is paid before due date of filing of return-No disallowance can be made.[S. 44AB 139(1)]

S. 40A(3) :Expenses or payments not deductible-Cash payments exceeding prescribed limits-Wholesale trading of raw meat and animal wastes-Cash purchases below Rs. 20,000 each-Vendors lacking bank accounts and purchases being from remote areas-Disallowance is deleted.[R.6DD(e) (ii)]

S. 40(a)(ia): Amounts not deductible-Deduction at source-Merchant agreement-Booking of hotel rooms through platform-Contractors-Sub contractors-Minimum guarantee payments to hotels-Not liable to deduct tax at source.[S.194C, 194J]

S. 40(a)(i) : Amounts not deductible-Deduction at source-Advertisement, sales promotion and clinical trial-Matter is remanded to Assessing Officer to examine applicability of proviso to section 201(1) and whether in few cases TDS was required to be deducted or not. [S.40(a)(ia), 195, 201(1)]

S.37(1): Business expenditure-Capital or revenue-Share issue expenses-Preliminary expenses incurred for increase in authorized capital is capital in nature. [S. 35D]

S. 37(1) : Business expenditure-Provision for expenses-Treatment of disposal of effluent waste and processing charges-credited back in subsequent year-Matter remanded-Sales return-Provision made for loss of sales return, being an expenditure which was not crystallized and was an anticipated loss, could not be allowed as deduction.[S.145]

S. 36(1)(iii) : Interest on borrowed capital-Loans and advances-Own funds are more than interest bearing funds-No disallowance can be made.

S. 28(i) : Business income-Survey-Surrendered excess stock, cash and receivables-Offered as business income-Surrendered income cannot be asssseed under deeming provisions of section. 699A, 69B, 115BBE.[S. 69A, 69B 115BBE, 133A]