S. 48 : Capital gains-Mode of Computation-Cost of improvement-Payment made to builder-No reference in sales deed-Allowable as deduction. [S. 45]

S.45:Capital gains-Suppression of sale-Paper seized from the premises of purchaser-Loose papers-Matter is restored back to the file of the CIT(A) for fresh determination of the issue in accordance with law after making enquiries or causing enquiry through the AO. [S. 48,131, 251]

S. 45: Capital gains-Long-term or short-term-Letter of allotment-Period of holding to be considered from the date of allotment-Held to be long term capital gains-Investment in a residential house-Wrongly claimed u/s 54-Matter is remanded to the Assessing Officer for verification. [S. 2(29AA), 2(29B), 54, 54F]

S. 45: Capital gains-Capital loss-Sale of shares-Cost of acquisition-Special provision of S. 50CA which considers the fair market value as full value of consideration for transfer of unquoted shares has been brought into effect from asst. yr. 2018-19-Loss cannot be disallowed. [S.48, 5OCA]

S. 44BB : Mineral oils-Computation-In the absence of a PE of the assessee in India-Not taxable in India-DTAA-India-Canada-Non-Resident-Income subject to TDS-Interest cannot be levied. [S.90, 209(1), 234B Art. 7]

S. 43B : Deductions on actual payment-Tax collected at source-Holds custodian of Government-Not disallowable. [S.143(1), 206C(6A)]

S.37(1): Business expenditure-Finance charges-Treated as deferred revenue expenditure or prepaid expenditure in the books of accounts over the period of loan-Allowable as deduction-Bad debt-matter remanded. [S. 36(1)(viia), 145]

S. 32: Depreciation-Actual cost-Grant in aid received from Government-Grant-in-aid basis the scheme is directly attributable to the cost of plant and machinery and technical civil works-Grant-in-aid is therefore, required to be reduced from the value/cost of the assets eligible for depreciation. [S. 32(1)(ii),43(1), Expln 10.]

S. 28(i) : Business loss-Loan to employees-Sundry advances written off is allowable as business loss. [S. 37(1)]

S.14A : Disallowance of expenditure-Exempt income-Interest free funds-Not recorded dissatisfaction-Addition is deleted. [R.8D]