S. 90 : Double taxation relief-Foreign tax credit (FTC)-Filling of statement in Form 67 on or before due date specified for furnishing return of income under section 139(1) is mandatory in nature and not directory-Statement in Form 67 after a delay of two years from due date of furnishing return of income-No valid reason-Justified in disallowing FTC claimed by assessee due to non-filing of Form 67 within time. [S. 139(1), Rule, 128(9), Form 67]

S. 90 : Double taxation relief-Rental income-House properties situated in Australia and UK-Income declared in respective countries-Income not to be assessable in India-DTAA-India-Australia-UK. [S. 90(2), 90(3), Art. 6]

S. 80P : Co-operative societies-Agricultural cooperative society-Section 80A(5) was applicable only when a return of income was filed by an assessee and a deduction under chapter VIA was not claimed in such return and it would not apply to a case where no return of income was filed-Matter remanded-Provision of section 80AC is not applicable to claim under section 80P. [S. 80A(5), 8AC]

S. 69A : Unexplained money-Cash-Demonetization-Cash deposits made in bank accounts-Books of account not rejected-Addition based on surmise and conjectures was deleted. [S. 132, 115BBE, 153A]

S. 69A : Unexplained money-Vouchers-Cash book-Search-Matter was remanded back for reconsideration. [S. 132, 153A]

S. 68 : Cash credits-Share capital-Share premium-Shares allotment-Converted fully convertible debentures (FCDs) into equity shares on same price of FCDs-No credit entry during the year.

S. 68 : Cash credits-Purchases-Shown as trade creditors-Confirmation was filed-Payments were made through banking channels-Addition is not valid.

S. 57 : Income from other sources-Deductions-Interest-Not brought on record any documentary evidence to show that it had incurred interest expenditure as against income assessed under head ‘Income from other sources’-Disallowance of interest expenditure was confirmed. [S. 56]

S. 56 : Income from other sources-Share premium-Conversion of CCDs in to equity shares-Provision is applicable-Receipt of any consideration which could not be limited to receipt of money-Provision is not applicable to with respect to share premium amount received from non-resident angel investors for issuance of equity shares-DCF method for valuation-Assessing Officer was not empowered to disregard DCF valuation. [S. 56(2)(viib), R. 11UA]