S.45: Capital gains – Development rights – Business assets -Accrual of income – Provisions of Section 2(47) r.w.s 53A of the Transfer of property Act 1882 are not applicable to transfer of development rights held by assessee as business assets [ S. 2(47)(v),44AD, 145 , Transfer of Property Act , 1882 , S.53A]
S.45: Capital gains- Reduction in share capital- Compensation received by an existing partner on reduction of his share in the partnership firm is not liable gains tax [ S. 2(47), 4, 45(1) , 45(4)
S. 41(1) : Profits chargeable to tax – Remission or cessation of trading liability – Waiver of loan is neither taxable u/s 41(1) nor u/s 28(v ) of the Act .[ S.28 (v) ]
S. 37(1) : Business expenditure – Capital or revenue- Repair and renovation of leased premises – Revenue expenditure – Power of CIT (A) – Cannot travel beyond the direction of the ITAT order [ S.250, 254(1)]
S. 37(1) : Business expenditure – One time payment of annual lease rent is held to be allowable as revenue expenditure
S. 36(1)(viii) : Eligible business – Business of providing long term finance for construction or purchase of houses in India – AO is directed to examine the issue [ S.254(1)
S. 22 : Income from house property –Un sold flat held as stock in trade- Annual value Rental income assessable as business income- [ S.28(i)]
S. 271AAA : Penalty – Search initiated on or after 1st June, 2007 –Unexplained cash —Not giving any plausible reply to satisfy search team or Assessing Officer during course of assessment proceedings — Levy of penalty is held to be justified.
S. 271(1)(c) : Penalty – Concealment -Failure to disclose in respect of income with respect to two bank accounts – Mistake of consultant – Omission neither deliberate nor contumacious in conscious disregard to his obligation — Bona fide mistake- Levy of penalty is held to be not justified . [ S. 44AD,139, 143(2) ]
S. 271(1)(c) : Penalty – Concealment – Disallowance of interest -Mere wrong claim not tantamount to furnishing of inaccurate particulars of income or concealment of income.