S. 50C : Capital gains-Full value of consideration-Stamp valuation-Applicability to sale of stock-in-trade-Conversion of capital asset to stock-in-trade-Section 50C is not applicable on sale of stock-in-trade-Reopening based on audit objection is invalid [S. 147, 148]
S. 48 : Capital gains-Mode of Computation-Brokerage or commission in connection with transfer-Disallowance cannot be made only because agreements with respect to commission services not submitted-Disallowance is not justified-Cost of improvement-New pleas could not be raised before Tribunal [S.45]
S. 47(iii) : Capital gains-Transaction not regarded as transfer-Gift-Company-Living Person capable of making gift-No attributes like love and affection is prescribed-Transfer of plots by Assessee by way of gift deed in favour of another company is valid gift-Not liable for capital gains tax-Person-Living Person. [S. 45,50C, Transfer of Property Act, 1882, S. 5, 122]
S. 43B : Deductions on actual payment-Late payment of Employees’ contribution to Provident Fund-Disallowance is justified.[S.36(1)(v)]
S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Transporters-Each payment was less than Rs 35000/-Matter remanded.
S. 40(a)(ia): Amounts not deductible-Deduction at source-Only interest and not principal-Form No 26A filed-Delay is condoned-Matter remanded. [S.194A, 201(1)]
S. 40(a)(i) : Amounts not deductible-Deduction at source-Commission-Non-resident agents-Payments were made outside India-Not having a permanent establishment in India-Not liable to deduct tax at source-Allowable as deduction-DTAA-India-France-Italy-Greece-Lebanon. [S. 37(1)]
S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident-Salary-Deducted TDS and deposited it in the government account within the specified time-Disallowance of salary cost is not justified.[S. 192]
S. 37(1) : Business expenditure-Audit of accounts-Ad-hoc disallowance-Order of CIT(A) disallowing the ad-hoc disallowance is affirmed. [S.44AB]
S. 37(1) : Business expenditure-Employee Stock Option (ESOP)-Allowable as business expenditure.