S. 80IA : Industrial undertakings-Infrastructure development-Splitting up or Reconstruction of existing business-Previously used-Generation and distribution of electricity-Leasing windmills-Lease does not amount to transfer-Entitle to deduction. [S. 80IA(3)]
S. 54F : Capital gains-Investment in a residential house-Relevant is date of acquisition of property and not on date of payment-It is not necessary that same sale consideration should be used for construction of a new house property-Allowed exemption.-Interpretation of taxing statutes- Beneficial provision -Interpreted liberally . [S. 45]
S. 54 : Capital gains-Profit on sale of property used for residence-Additional cost-On appeal to division bench from order of single judge-Appeal became infructuous. [S. 48, Art. 226]
S. 48 : Capital gains-Computation-Compensation paid to lessee to vacate land-Allowable as deduction. [S. 45]
S. 47 : Capital gains-Capital asset-Transaction not regarded as transfer-Transfer of land under joint development agreement-Order was set aside. [S. 2(14), 2(15)(iii)(a), 2(15)(iii)(b), 2(47), 246A, 264, Art. 264]
S. 45 : Capital gains-Penny stocks-Alleged bogus transactions-Denial exemption was held to be not justified. [S. 10(38)]
S. 45 : Capital gains-Long-term or short-term capital asset-Period of holding-No distinction between unlisted and listed shares for classifying as short-term capital asset. [S. 2(42A), Securities Contracts (Regulation) Act, 1956, S (h)]
S. 43B : Deductions on actual payment-Purchase tax paid on raw materials and packing materials-Set off is allowed against sales tax payable on finished goods manufactured out of them-Deemed actual payment-Allowable as deduction.
S. 43A : Rate of exchange-Foreign currency-Cancellation of forward contract-Capital receipt-Interest portion assessable as revenue receipt-Actual cost of assets-Amendment with effect from 1-4-2003 is not retrospective-Actual payment not condition precedent for adjustment in cost of fixed asset acquired in foreign Currency. [S. 4, 28(1)]
S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Purchases from unregistered dealers-Matter remanded.