S. 45: Capital gains – When the Tribunal held that no capital gains can be levied since there is no consideration for transfer of a capital asset and thus the computation mechanism fails, there was no error in the said conclusion reached by the Tribunal. [ S. 48, 50D ]
S. 40(a)(ii) : Amounts not deductible – Rates or tax – Education cess- In view of retrospective amendment vide Finance Act, 2022 to section 40(a)(ii), education cess paid not allowable as an expenditure [ S. 37(1) ]
S. 40(a)(ia): Amounts not deductible – Deduction at source – Commission and sitting fees to directors – Amended provision of section 194J is not applicable – Deletion of addition is justified [ S. 194H , 194J ]
S. 40(a)(i) : Amounts not deductible – Deduction at source -Non-resident –Professional and consultancy charges – Explanation 4 was not on the statute -Deletion of addition is justified [ S. 9(1)(vi)), 195 ]
S. 32 : Depreciation -Windmills – Income offered – Depreciation is allowable .
S .14A : Disallowance of expenditure – Exempt income – Failure to record satisfaction – Deletion of addition is justified. [ R. 8D ]
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Capital gains-Investment in a residential house-Followed direction of Commissioner-Subsequent revision order was quashed. [S. 54F, 143(3)]
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Consideration as per sale deed and whether tolerance limit of 10 per cent for difference between sale consideration as per sale deed and SDV is to be considered or not are debatable issues-Revision is bad in law. [S. 56(2)(vii)(b)]
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Cash deposit in the Bank-Un explained money-AIR information flagged-Non-filer of returns-Revisionary powers could not be permitted to be exercised on suspicions and inferences-Revision order was quashed. [S. 44AD, 69A]
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Document Identification No. (DIN)-Revision order passed manually without Document Identification No. (DIN) in its body-Held to be invalid and deemed to have never been issued.