S. 54F : Capital gains-Investment in a residential house-Investment of net consideration in construction of house-Full value of consideration-Deeming fiction is not applicable-Entitled to exemption-Penalty deleted. [S. 48, 50C, 139(4), 271(1)(c)]

S. 54B : Capital gains-Land used for agricultural purposes-Finding that land not used for agricultural purposes in two preceding years No agricultural is shown by assessee in past years-Order of Assessing Officer is affirmed. [S. 45]

S. 50C : Capital gains-Full value of consideration-Stamp valuation Amendment providing for adoption of value as on date of agreement is retrospective . As Amended By Finance Act, 2016.

S. 48: Capital gains-Mode of Computation-Long-term capital gains-Full value of consideration-Listed Shares held as investment-Off-market sale under share purchase agreement at price prevailing on date of share purchase agreement-Adoption.

S. 44BB : Mineral oils-Computation-Non-Resident-Royalty-Charter of Vessel with crew for mineral oil extraction-Revenue earned from charter hire charges not royalty-Receipts of reimbursement intricately linked to chartering income-Not taxable-DTAA-India-Singapore. [S. 9(1)(vi), Art. 8(4)(b), 8(4)(c)]

S. 44BB : Mineral oils-Computation-Presumptive tax-Non-resident having Permanent Establishment in India-Income from contracts for processing of marine seismic data, seismic data acquisition and processing, hiring of vessel and technology-Taxable on presumptive basis-Advance tax-Non-resident not chargeable with interest. [ S. 9(1)(vii) , 44DA, 234B ]

S. 44AD : Presumptive basis-Cash credits-Not required to maintain books of account-No addition can be made-Provision of section 115BBE cannot be applied-Opening capital cannot be added as income from undisclosed sources-Failure to file proof-Deduction under 80C cannot be allowed. [S. 68, 69, 115BBE]

S. 40(a)(ia): Amounts not deductible-Deduction at source-Selling holiday membership plans to members-Matter remanded to the Assessing Officer for verification-Amendment with effect from 1-4-2015 providing for disallowance of thirty Per Cent. of expense to apply for Assessment year 2015-16 and subsequent years-Assessing Officer is directed to apply amended provision.

S. 40(a)(ia): Amounts not deductible-Deduction at source-Selling holiday membership plans to members-Matter remanded to the Assessing Officer for verification-Amendment with effect from 1-4-2015 providing for disallowance of thirty Per Cent. of expense to apply for Assessment year 2015-16 and subsequent years-Assessing Officer is directed to apply amended provision.

S. 40(a)(ia): Amounts not deductible-Deduction at source-Unexplained expenditure-Project payment to housing society-No supporting evidence-Disallowance is affirmed-Levy of concealment penalty is affirmed [ S.69C 271(1)(c) ]