S. 54 : Capital gains-Profit on sale of property used for residence-Cost of improvement-Renovation expenses-Enquiry should have conducted with the builder who has constructed the building and not with neighbours-Estimate of Rs. 18 lakhs by CIT(A) is held to be reasonable. [S. 45, 48]

S. 48 : Capital gains-Computation-Cost of improvement-Levelling, boundary work and fencing-Failure to produce evidence-Disallowance of expenditure is justified. [S. 45]

S. 48 : Capital gains-Computation-Indexed cost of acquisition-Holding shares of BSE Ltd-For computing capital gain, indexed cost of acquisition of shares of BSE is to be considered from date of original membership of BSE and not from date of allotment of shares inn BSE Ltd. [S. 2(42A), 45]

S. 48 : Capital gains-Computation-Sale of land-Interest paid was not claimed as deduction-Gifts from relatives-Matter remanded. [S. 24, 45, 69A]

S. 45 : Capital gains-Registered JDA along with registered GPA for development of property-Actual receipt of profits is not relevant-Liable to capital gains tax on transfer of capital asset. [S. 2(47 (v), Transfer of Property Act, 1882, S. 53A]

S. 45 : Capital gains-Sale of shares-Forming part of a lot purchased-Assessable as capital gains and not as business income. [S. 28(i)]

S. 43B : Deductions on actual payment-Employee’s contribution to ESI/PF-Deposited before due date of filing of return-No disallowance can be made-Amendment to section 36(1)(va) brought by Finance Act, 2021 which came into effect from 1-4-2021 as same has no retrospective applicability. [S. 2(24)(x), 36(1)(va), 139(1)]

S. 43B : Deductions on actual payment-Disallowance of interest in earlier years-Allowable in the year of payment. [S. 145]

S. 40(a)(iib) : Amounts not deductible-Guarantee commission-Not liable to deduct tax at source-Not in the nature of levy on a State Government undertaking by State Government-Contract payment-Allowable as business expenditure. [S. 37(1)]

S. 40(a)(ii) : Amounts not deductible-Rates or tax-Additional ground admitted-Education Cess and Higher and Secondary Education Cess are allowable as deduction. [S. 28(i), 37(1), 254(1)]