S. 50 : Capital gains-Depreciable assets-Block of assets-The profit or loss on this property is required to be computed under the provisions of ss. 41(2) and 50-More than 36 months-Entitle to exemption u/s 54F [S. 41(2), 54F]
S. 50 : Capital gains-Depreciable assets-Block of assets-The profit or loss on this property is required to be computed under the provisions of ss. 41(2) and 50-More than 36 months-Entitle to exemption u/s 54F [S. 41(2), 54F]
S. 45 : Capital gains-Capital loss-Transaction in securities-Purchase and sale of units of mutual fund-Fictitious-Sham-Loss is allowable as short term capital loss-Transaction cannot be considered as avoidance of tax-Provision of section. 94(7) is not applicable. [S. 94(7)]
S. 43B : Deductions on actual payment-Unpaid interest on loan taken from world bank-Public financial institution-Unpaid interest no disallowance can be made-Electricity duty-Collection and subsequent transfer to the State Government-No disallowance can be made. [S. 43B(a)]
S. 43(6) : Written down value-Liquidated damages-Compensation from suppliers-Capital receipts-Block of assets-Depreciation-Not to be reduced from the cost of fixed assets.[S.2(11), 4, 32]
S. 40A(7) : Expenses or payments not deductible-Gratuity-Fund maintained by LIC-Pendency of application-Matter is remanded to the file of AO for verification.[S.36(1)(vi)]
S. 40A(2): Expenses or payments not deductible-Excessive or unreasonable-Relative of partner-Service rendered is not doubted-No disallowance cannot be made.[S. 37(1)]
S. 40(a)(ia): Amounts not deductible-Deduction at source-interest paid on the deposits-Co-operative bank-Finance Act, 2015 w.e.f. 1st June, 2015-Amendment is applicable prospectively w.e.f. 1st June, 2015 and not applicable for the relevant years-Deletion of disallowance is affirmed.[S.194A(3)(v)]
S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident-Commission payment to foreign agents-Services rendered abroad-Not liable to tax in India-Not liable to deduct tax at source. [S.9(1)(i), 195]
S. 37(1) : Business expenditure-Capital or revenue-Registration charges of new and existing patents-Allowable as revenue expenditure.
S. 35 : Expenditure on scientific research-Weighted deduction-In-house scientific research-Expenditure on clinical trials conducted outside approved-Clinical research outside facility would also be eligible for weighted deduction under S. 35(2AB). [S. 35(2AB]