S. 68 : Cash credits-Produced,identity, genuineness of transaction and creditworthiness, along with confirmation and proof of regular banking channel-Lender’s failure to respond to summons alone did cannot be the ground to treat the loan as cash credits. [S. 131]
S. 54F : Capital gains-Investment in a residential house-Residential property was purchased in his wife’s name-Entitle to deduction. [S. 45]
S. 54 : Capital gains-Profit on sale of property used for residence-Amount utilised for construction of new house-Exemption is allowable even if construction was not complete. [S. 45]
S. 48 : Capital gains-Mode of Computation-Cost inflation index-Foreign asset is held and sold outside India-Indexation-Shares held in foreign countries-Resident company-Second proviso to section 48, which grants indexation benefit, does not distinguish between assets held in India and held in foreign countries-Eligible for Indexation.[S. 45]
S. 45 : Capital gains-Capital loss-Indexation-Business income-Land was held for more than five years without carrying out any development activity-Sale of land is assessable as capital gains and not as business income.[S. 28(i)]
S. 43(6) : Written down value-Block of assets-Depreciation-Stamp valuation-Assessing Officer could not have substituted sale consideration received by stamp duty valuation of property while computing WDV for claiming depreciation on block of assets. [S. 2(11), 32, 50]
S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Sundry Creditors-Balance sheet-Discrepancy in confirmation and balance sheet-Addition is deleted.
S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Sundry creditors-Outstanding for more than three years-Written back as income in the Assessment year 2017-18-Addition is deleted.
S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident-Royalty-Freight charges-Not royalty-Not liable to deduct tax at source-No disallowance can be made-DTAA-India-Korea.[S.9(1)(vi), 195, Art. 12]
S.37(1): Business expenditure-Club membership fees-Allowable as business expenditure.