S. 80P : Co-operative societies – Banking business —Eligible for deduction. [ S.80P(2)(a)(i),80P(4)]
S. 80P : Co-operative societies – Banking business —Eligible for deduction. [ S.80P(2)(a)(i),80P(4)]
S. 80IB(10) : Housing projects- Built -up area – Proportionate deduction can be granted -Method of accounting – Project Completion method can be adopted. [ S.133A ]
S. 80IB(10) : Housing projects- Completion of project – Certificate of Registered Certified Architect Sufficient Karnataka Municipal Corporations Act, 1976, S. 310. ]
S. 80IA :Industrial undertakings –Electricity undertaking — Expenditure on renovation and modernisation of existing lines — More than 50% of book value – Entitle to deduction [ S.80IA (4)]
S. 68 : Cash credits -Sale of shares – Long term capital gains – 4849. 2 percent jump in share price within two years – Identity of creditors and genuineness of transaction proved — Deletion of addition is held to be justified . [ S.10 (38), 45 ]
S. 48 : Capital gains – Computation – Diversion by overriding title — Sale proceeds paid to mortgagee — Not entitled to deduction.[ S.45 ]
S. 45 : Capital gains – Purchase and sale of shares – Not assessable as business income [ S.28 (i), 88E ]
S. 44BB : Mineral oils – Computation -Providing off shore seismic data acquisition and processing services to ONGC in Bombay High — Payment to non-resident companies – Not royalty – Taxable under section 44BB .[ S.9(1)(vi)]
S. 43(5) : Speculative transaction -Transaction supported by time stamped contract notes issued by stock broker — Not speculative . [ S.43(5)(d) ]
S. 40A(2): Expenses or payments not deductible – Excessive or unreasonable -Remuneration to director- Matter remanded to CIT (A)