S. 43CA : Transfer of assets-other than capital assets-Full value of consideration-stock in trade-Agreement value-Stamp valuation-First proviso to section 43CA inserted by Finance Act, 2020 with effect from 1-4-2021 is applicable retrospectively-Difference recorded between sale value of flats sold by assessee and stamp value of such flats was within 10 per cent margin-Addition is deleted. [S.50C]

S. 43B : Deductions on actual payment-Developer-External Development Charges-External Development Charges (EDC) to HUDA authority-Not a tax/duty/cess/fee, hence, does not attract provisions of section 43B-Allowable as deduction [S. 37(1), 145]

S. 43B : Deductions on actual payment-GST liability-Directly shown in balance sheet-Failure to pay before filing of return u/s. 139(1)-Disallowance is justified. [S. 139(1), 145A]

S. 43(5) : Speculative transaction-Derivative transactions-Futures and options transactions in recognized stock exchange through SEBI registered share broker-Loss allowable as business loss. [S. 43(5)(d), 73]

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Wrongly shown by tax auditor in the report-Expenditure was not claimed as deduction-Addition is not valid. [S. 28(i)]

S. 40(a)(ii) : Amounts not deductible-Rates or tax-Education cess is not allowable as deduction. [S. 37 (1)]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Contractors/sub-contractors-Payments to Making charges-Manufacturing of gold and silver jewellery-Wastage left with goldsmiths-Not liable to deduct tax at source. [S. 194C]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Rent paid to various parties-Less than Rs. 1,20,000 to each party-Remanded to the Assessing Officer for verification. [S. 194I]

S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident-Legal services-Matter remanded-DTAA-India-UK. [S. 9(1)(i), 9(1)(vii), 195, Art. 7]

S. 37(1) : Business expenditure-Amount paid to Life Insurance Corporation of India by a company-Group gratuity scheme-Not approved by Commissioner-Allowable as deduction.