S. 56: Income from other sources-Difference between the stamp duty value as on the date of agreement and the agreement value of the flats-Reference to DVO-Issue is restored to the AO for de novo adjudication after seeking a valuation report from the DVO as per the provisions of the Act. [S.50C(2), 56(2)(vii)(b)]

S. 56: Income from other sources-Shares purchased for trading purposes-Stock in trade-Shares purchased for trading purposes, provisions of section 56(2)(viia) cannot be applied. [S. 562(viia)]

S.54F: Capital gains-Investment in a residential house-Purchase of house property-Execution of sale deed beyond the specified period-MoU on 21st Aug., 2015-Entitled to exemption. [S. 45]

S. 40(a)(i): Amounts not deductible-Deduction at source-Non-resident-Payment of freight charges to foreign shipping companies-Disallowance was affirmed.[S. 5(2), 195]

S. 37(1): Business expenditure-State tax paid in USA-Not claimed any benefit of the tax paid in the USA under the provisions of S. 90/91-State tax paid in USA is allowable as deduction.

S.37(1): Business expenditure-Advertisement material and goods-Purchase of icebox and plastic tables and chairs, bearing the logo-Allowable as business expenditure.

S.37(1): Business expenditure-Foreign exchange fluctuation loss-Working capital-Allowable as a deduction. [S. 145, AS-11]

S. 36(1)(iii): Interest on borrowed capital-Percentage of completion method for recognizing the revenue-ICDS IX provisions are not applicable to asst. yr. 2014-15. There is no provision in s. 36(1)(iii) to apportion the interest cost between the work-in-progress and the sales-Interest allowable as deduction.

S. 35: Expenditure on scientific research-Approval by prescribed authority-The deduction as claimed by the assessee under s. 35(2AB) is to be allowed-Prior to the amendment of R. 6, the provision of S 35(3) did not provide for referring to DSIR for determining the amount of expenditure eligible for deduction. [S.35(2AB), 35(3), R.6 (7A)]

S. 32AC: Investment in new plant or machinery-Computers used in the business of development of computer software-Eligible for investment allowance-Remanded for verification.