S. 54 : Capital gains-Profit on sale of property used for residence-Invested a portion of capital gains-Sale of old property on 23-10-2018-Possession of new flat on 24-12-2018-Date of possession of flat would be actual date of purchase for claiming exemption under section 54-Entitle to exemption. [S. 45]
S. 48 : Capital gains-Mode of Computation-Residential flat-Date of acquisition of residential flat has to be reckoned from date of allotment letter, benefit of indexed cost of acquisition should be available to assessee based on payments made beginning from financial year 2005-06. [S. 45]
S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Outstanding credit balance-Expenses claimed-Order of CIT(A) deleting the addition is affirmed-Order of CIT(A) deleting the addition is affirmed.
S. 40A(3) :Expenses or payments not deductible-Cash payments exceeding prescribed limits-Bearer cheques-Payments to agent not substantiated-Failure to show reasonable cause-Disallowance is held to be proper.[R.6DD(k)]
S. 40A(3) :Expenses or payments not deductible-Cash payments exceeding prescribed limits-Cash payments to transporters in excess of Rs. 20,000 in a single day to a person-Disallowance is justified.[R.6DD]
S.37(1): Business expenditure-Interconnect charges, employee cost, professional fees, call centre expenses-Allowable as revenue expenditure.
S.37(1): Business expenditure-Employee stock option scheme (ESOP)-Cross charge expenses would be eligible for deduction-Discount-Purchasing goods and selling them to retailers at low cost, profits foregone by assessee by offering discounts to retailers could not be held to be expenditure incurred in creating intangible assets or goodwill.
S.37(1): Business expenditure-Product development expenses-Capital or revenue-Finance lease-Depreciation-Matter remanded. [S. 32]
S.37(1): Business expenditure-Pharmaceutical company-Gifting freebies to dealers and stockiest-Disallowance is not justified-Cannot be disallowed as unexplained expenditure. [S.69C]
S. 36(1)(va): justified-Any sum received from employees-Employee’s contribution-Belated payment-Not entitle to deduction. [S.143(1)(a)]