S. 45 : Capital gains-Long term capital gains from equities-Penny stocks-Shares of Shree Nath Commercial and Finance Ltd-No evidence available on record suggesting that assessee or his broker was involved in rigging up of price of script-Order of Tribunal allowing the exemption is affirmed.[S. 10(38),56, 260A]
S. 45 : Capital gains-Transfer-Possession was handed over-Subsequent termination of contract by mutual consent and returned back the sale consideration received-Liable to capital gains tax in the year of handing over of possession of property-Benefit of the tax scheme (Vivad se Vishwas Scheme-SLP dismissed. [S. 2(47)(v), Transfer of Property Act,1929, S.53A,Registation Act 1908, 17(1A)]
S. 43B : Certain deductions only on actual payment-Leave travel allowance-Provision of section 43B(f) is would not apply.[S.43B(f)]
S. 40(a)(ii) : Amounts not deductible-Rates or tax-Education cess-Not allowable as deduction. [S. 37(1), Art.136]
S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident-Commission-Not having Permanent Establishment or carrying on any business in India — Not liable to deduct tax at source. [S.195, 260A]
S. 37(1) : Business expenditure-Capital or revenue-Replacement of spares in machineries-Up gradation of software-Revenue expenditure.
S. 37(1) : Business expenditure-Provision for warranty-Liquidated damages-losses of non-moving inventories due to cancellation of orders-Sales promotion expenses-Allowable as deduction. [S. 145]
S. 37(1) : Business expenditure-Participatory development expenses-CSR expenditures-Order of Tribunal is affirmed.
S. 37(1) : Business expenditure-Capital or revenue-Replacements of parts of machinery-Allowable as revenue expenditure-Contribution to Sardar Vallabhbhai Rastriya Ekta Trust for construction of a statue of Sardar Vallabhbhai Patel-Enhance brand value-Allowable as deduction.
S. 37(1) : Business expenditure-Amount paid to retiring partner as per the provision in partnership deed-Diversion of income at source by overriding title-Allowable as deduction. [S. 4]