S. 45(5A): Capital gains -Joint Development Agreement -No taxation of consideration which had not accrued -Matter remanded-Delay of 458 in filing the appeal was condoned. [S. 2(47)(v),45, 56(2)(x), 254(1), Transfer of Property Act, 1882, S. 53A]

S.45: Capital gains -Capital asset -Agricultural land-Tests to be applied-Whether land qualifies as agricultural land is a question of fact requiring cumulative consideration of multiple factors-Mere mention of agricultural land in revenue records is not sufficient if the land is not actually used for agriculture or is sold for non-agricultural purposes-Matter remanded. [S. 2(14)(iii)]

S. 40(a)(i): Amounts not deductible-Deduction at source-Non-resident-Fees for technical services-Services rendered and utilised outside India -No tax deductible at source -Disallowance was deleted. [S. 9(1)(vii)(b), 195]

S. 37(1): Business expenditure -Business set up but not commenced -Expenditure allowable after setting up of business. [S. 4, 28, 56, 57(iii)]

S. 37(1): Business expenditure -Ad hoc disallowance -No defect in books of account or audited accounts -Disallowance not sustainable. [S. 44AB, 145]

S. 37(1): Business expenditure-Foreign exchange fluctuation loss -Mark-to-market loss -Reinstatement of assets and liabilities -Allowable as a deduction. [S.28(1)]

S.37(1): Business expenditure-Grants-in-aid -Expenditure for promotion of housing and urban development -Allowable as a deduction.

S. 37(1): Business expenditure-Prior period expenditure -Crystallisation of liability –Allowable in year of claim, subject to verification. [S. 145]

S. 37(1) : Business expenditure -Corporate Social Responsibility (CSR) expenditure-Assessment years prior to 01.04.2015-Allowable as deduction.

S. 37(1) : Business expenditure-Stock-in-trade -Conversion and development expenses-AO disallowed expenditure treating same as capital expenditure-Assessee demonstrated that amount was included in closing stock -Adjustment was revenue neutral -Addition was unjustified.