S. 68 : Cash credits-Bank deposits-Addition is sustained-Advance from customer-Addition is not justified.

S. 68 : Cash credits-Sale of shares-Purchase of shares accepted as genuine by the Assessing Officer-Addition as cash credits is not justified.

S. 57 : Income from other sources-Deductions-Expenditure is held to be allowable. [S. 56, 57(iii)]

S. 54 : Capital gains-Profit on sale of property used for residence-Amendment to provision of section 54, restricting deduction allowed therein to only one residential property operates prospectively from 1st April 2015.

S. 48 : Capital gains-Computation-Cost of acquisition of asset-Interest paid on borrowed capital-Included in cost of acquisition. [S. 45, 49]

S. 44DA : Non-residents-Royalties-Computation-Permanent Establishment-All contracts negotiated and signed in India by branch head-Activities under each contract in India for more than six months-Income earned from contracts connected to Permanent Establishment in India-Taxable at 40 Per Cent. on net income basis in accordance with RBI guidelines.

S. 44BBB : Foreign companies-Presumptive tax-Turnkey power projects-Income from offshore supplies not liable to tax in India-Books of account not required to be maintained-Fixed percentage of receipt deemed to be income-Income from power projects to be taxed on cash basis and not on mercantile basis-DTAA-India-Japan. [Art. 7(6)]

S. 44BB : Mineral oils-Computation-Presumptive tax-Non-Resident-Prospecting for, or extraction or production of mineral oils-Receipt on account of reimbursement of expenses-Amounts received towards mobilization advance-Includible in gross receipts-Service tax receipts-Excludible.

S. 43B : Deductions on actual payment-Employees’ contribution to Employees’ State Insurance and Provident Fund-Deposit after date specified in relevant statute-Before due date for filing return-Amendment by Finance Act, 2021 is not applicable for earlier years-No disallowance can be made-Precedent-Authorities bound to follow decision of jurisdictional High Court. [S. 36(1)(va), 139(1), 143(1)]

S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Merely because the liability is outstanding in the books for long period of time when there has been no supervening development nullifying the liability to pay between the parties-such liability cannot cease to exist.