S. 45 : Capital gains-Business income or capital gains-Sale of Godown-Rental income was offered as income from house property-Profit on sale of Godown assessable as long term capital gains-Compensation for relinquishment of right to receive residential Flat under allotment letter-Assessable as capital gains-Interest expenses claimed as part of acquisition-Indexation cost-Matter remanded. [S. 28(i), 48]

S. 44AD : Presumptive taxation-Cash credits-Civil construction-8 Per Cent. of cash deposits to be treated as income-Entire cash deposits in bank account cannot be taxed. [S. 69A]

S. 44BB : Mineral oils-Computation-Non-Resident-Service tax collection-Excluded from gross receipts-Difference in revenue offered to tax and revenue as shown in Form 26AS-Foreign currency rate-Matter remanded. [R. 115(1), From No.26AS]

S. 43B : Deductions on actual payment-Provident Fund-Employees’ contribution-Contribution deposited beyond time but before due date for filing return-Not entitled to deduction. [S. 36(1)(va), 139(1)]

S. 43B : Deductions on actual payment-Accrual basis-Interest on pertaining to earlier years-Allowable in the year of payment. [S. 36(1)(iii), 145]

S. 43B : Deductions on actual payment-No evidence that sum paid before due date of filing of return-Disallowance justified-Remand to Assessing Officer to examine whether actual payment made or not-Service tax paid under protest-Cannot be allowed. [S. 37(1)]

S. 43B : Deductions on actual payment-Employee’s contributions (EPF/ESIC)-Deposited beyond due date stipulated in respective Acts-Disallowance is justified. [S. 2(24), 36(1)(va), 139(1), 143(1)(a)]

S. 43B : Deductions on actual payment-Employee’s contributions (EPF/ESIC)-Any sum received from employees-Deduction on actual payments-Amount paid before filing of return of income-Amendment applicable to AY. 2021 and later-Not applicable to earlier years. [S. 36(1)(v)]

S. 43(5) : Speculative transaction-Raising funds through foreign currency convertible bonds for manufacturing-Entering into hedging transaction to cover expected loss from fluctuation of foreign currency-Commercial expediency-Transaction incidental to business-Loss allowable. [S. 37(1)]

S. 43(5) : Speculative transaction-Derivative trading-Manufacturing of yarn-Forex derivative transactions through its bankers to hedge its foreign currency risk-Not speculative-Allowable as business loss. [S. 28(i), 37(i).]