S. 54B : Capital gains-Land used for agricultural purposes-Sale consideration for purchasing new agricultural land-Capital gain is exempt from tax-Order passed under section 154 denying the claim is quashed.[S. 2(14)(iii) 154]

S. 50C : Capital gains-Full value of consideration-Stamp valuation-Agreement to sell properties on 14-8-2014 and received part consideration of certain amount-Agreement to sell those properties were registered on 30-12-2015, provisions of section 50C adopting value for stamp duty purposes as on date of sale deed i.e. 30-12-2015 could not be applied but value as on date of agreement/date of receipt of advance i.e. 14-8-2014 is to be applied.[S. 45]

S. 50C : Capital gains-Full value of consideration-Stamp valuation-Fair market value-Registered Valuer valued the property at less than sale consideration-Sale consideration and DVO is less than Stamp Valuation Authority-Deeming provision cannot be applied-Addition is deleted. [S. 45]

S. 48 : Capital gains-Mode of Computation-Cost of acquisition-Fair market value determined by Government valuer-Assessing Officer has no right to replace Government approved valuer’s opinion with his own opinion. [S. 45, 50A 55A]

S. 48 : Capital gains-Mode of Computation-Sale of shop-Cost of improvement-Construction cost of concrete bridge on culvert in front of shop-Allowable as deduction while computing capital gains. [S. 45]

S. 44BBA : Air craft-Non-residents-Computation-Air craft-Service tax-Statutory levy-it did not form part of receipts of assessee for purpose of section 44BBA.[S. 44BBBA(1)]

S. 40A(3) :Expenses or payments not deductible-Cash payments exceeding prescribed limits-Rent for four godowns in cash-Less than Rs 10,000 per day per person-No disallowance can be made-Matter remanded for verification-Electricity charges in cash to a State Government undertaking-Covered by exception carved out in rule 6DD(b)-No disallowance can be made. [R.6DD(b)]

S. 40A(2) : Expenses or payments not deductible-Excessive or unreasonable-Royalty-Disallowance at rate of 0.2 percent of turnover is deleted-25% of other fees on ad-hoc basis-Order of CIT (A) directing Assessing Officer to allow payments after verifying and comparing similar payments made to other group companies is affirmed.

S.37(1): Business expenditure-Trip for dealers-Expenditure incurred by assessee under its trip scheme for its dealer for purpose of expanding assessee’s business by encouraging dealers and distributors to achieve a specific target of purchase being closely linked to assessee’s business activity is allowable expenditure.

S.37(1): Business expenditure-Decorative paint business-Capital or revenue-Extension of existing business-Revenue expenditure.