S. 48 : Capital gains-Sale consideration-Fair market value deemed to be full value of consideration in certain shares-Transfer of a plot of land-Joint Development agreement-Not ascertainable-Guidance value of land would be appropriate mode to determine full value of consideration-Provision of section 50D came in to force with effect from 1-4-2013 is not applicable for the year under consideration. [S. 45, 50D]

S. 45 : Capital gains-Transfer-Immovable property-Unregistered agreement-Joint development agreement-Payment from developer-Not assessable as capital gains [S. 2(47)(v), Transfer of Property Act, 1882, S. 53A]

S. 45 : Capital gains Full value of consideration-Deductions -Consideration on sale shares including sum held in Escrow Account offered to tax-Receiving reduced sum from Escrow Account after Completion of assessment-Whole amount credited in book not taxable as capital gains-Only actual amount received taxable-Entitled to refund of excess tax paid-Recomputation can be less than the returned income-Proviso to section 240 is not applicable-The assessee can be asked to pay only such amount of tax which is legally due under the Act and noting more-Entitle to refund of excess tax paid [S. 48, 264, Art, 226]

S. 43B : Deductions on actual payment-Service tax-Deduction available on actual payment.

S. 43B : Deductions on actual payment-Statutory corporation-Obligation of agent to account for and pay amounts collected by him on behalf of principal is purely fiduciary-Disallowance is not valid. [Electricity Supply Act, 1948, S. 5]

S. 43B : Deductions on actual payment-Employees’ and employers contribution-Paid before due date of filing of return-Allowable as deduction. [S. 139(1)]

S. 43B : Deductions on actual payment-Loan from its two promoters, Government of Tamil Nadu and IL&FS-Public financial institutions-Matter remanded to Assessing Officer. [S. 254(1)]

S. 37(1) : Business expenditure-Amount paid represented fee for participation in training programmes-Allowable as business expenditure. [40A(9)]

S. 37(1) : Business expenditure-Buy back of shares-Amount over and above face value of shares to departing group of shareholders-Allowable as revenue expenditure. [S. 263]

S. 37(1) : Business expenditure-Buy back of shares-Amount over and above face value of shares to departing group of shareholders-Allowable as revenue expenditure. [S. 263]