S. 68 : Cash credits-Share Capital-Furnished bank statements, audited accounts and computations of income-Companies’ cases subjected to scrutiny assessment-Source of source explained-Shareholders and directors of companies not attending in response to summons-Not ground to tax credits. [S. 131]
S. 57 : Income from other sources-Deductions-Interest paid on unsecured loans taken from family members Claimed Against interest earned on fixed deposits with banks-Matter remanded. [S. 40A(2)(b), 56]
S. 57 : Income from other sources-Deductions-External commercial borrowings advanced as loans to sister concerns-Interest expenditure directly related to interest earned-Violation of Reserve Bank of India guidelines not relevant for allowance of deduction-Deduction is allowable .[ S. 56 , 57(iii) ]
S. 54F : Capital gains-Investment in a residential house-Investment of net consideration in construction of house-Full value of consideration-Deeming fiction is not applicable-Entitled to exemption-Penalty deleted. [S. 48, 50C, 139(4), 271(1)(c)]
S. 54B : Capital gains-Land used for agricultural purposes-Finding that land not used for agricultural purposes in two preceding years No agricultural is shown by assessee in past years-Order of Assessing Officer is affirmed. [S. 45]
S. 50C : Capital gains-Full value of consideration-Stamp valuation Amendment providing for adoption of value as on date of agreement is retrospective . As Amended By Finance Act, 2016.
S. 48: Capital gains-Mode of Computation-Long-term capital gains-Full value of consideration-Listed Shares held as investment-Off-market sale under share purchase agreement at price prevailing on date of share purchase agreement-Adoption.
S. 44BB : Mineral oils-Computation-Non-Resident-Royalty-Charter of Vessel with crew for mineral oil extraction-Revenue earned from charter hire charges not royalty-Receipts of reimbursement intricately linked to chartering income-Not taxable-DTAA-India-Singapore. [S. 9(1)(vi), Art. 8(4)(b), 8(4)(c)]
S. 44BB : Mineral oils-Computation-Presumptive tax-Non-resident having Permanent Establishment in India-Income from contracts for processing of marine seismic data, seismic data acquisition and processing, hiring of vessel and technology-Taxable on presumptive basis-Advance tax-Non-resident not chargeable with interest. [ S. 9(1)(vii) , 44DA, 234B ]
S. 44AD : Presumptive basis-Cash credits-Not required to maintain books of account-No addition can be made-Provision of section 115BBE cannot be applied-Opening capital cannot be added as income from undisclosed sources-Failure to file proof-Deduction under 80C cannot be allowed. [S. 68, 69, 115BBE]