S. 28(i): Business income-Foreign Exchange fluctuations-Loan given to overseas party-Mark-to-market gain on loans given to an overseas party due to year-end foreign exchange reinstatement-loans were not on revenue account-Addition was deleted. [S. 45]

S. 24: Income from house property-Deductions-Interest deduction on loans taken for rental properties-Matter remanded to the Assessing Officer for verification. [S. 22]

S. 23: Income from house property-Annual value-Taxes which are actually paid during the year are deductible-Matter remanded for verification-Leased property to a partner the Master Clock and Works Pvt Ltd (MB) at lower rent, claiming it was a bare shell-Fair rent comparison-Matter remanded for verification. [S. 22]

S. 23: Income from house property-Annual value-After expiry of lease, property remained vacant-Assessing Officer was to be directed to determine ALV of property based on municipal ratable value (MRV)[S. 22, 23(1) (c)]

S. 17(2): Salary-Perquisite-LIC annuity-Employer purchasing an annuity policy in the name of the employee, payable in future. Cannot be taxed as a perquisite in the hands of the employee in the relevant assessment year, as the employee had not acquired any vested or enforceable right over the said amount in the relevant assessment year. [S. 10 (10CC) 15]

S.14A: Disallowance of expenditure-Exempt income-Disallowance cannot exceed exempt income-Amendment made to provisions of section 14A vide Finance Act, 2022 is prospective in nature and cannot be applied for earlier years.[R.8D]

S.14A: Disallowance of expenditure-Exempt income-Directed to consider only those investments which yielded exempt income during the year. [R.8D]

S. 12AB: Procedure for fresh registration-Specific violation-Religious community-Rejection of application-No inquiry of violation was made-Tribunal held that CIT(E) finding of specified violation was incorrect-Denial of registration was unjustified-Directed to grant the exemption.[S. 12A (1)(ac)(iii), 12AB(4)]

S. 12AB: Procedure for fresh registration-Registration was cancelled on the ground that activities were confined to a specific Samaj. Tribunal held that ‘Samaj’, being a sociological term, could not automatically be equated with a religious community or caste, and without deeper enquiry into its legal character and actual activities. Cancellation was not justified. Matter remanded. [S. 13 (1)(b)]

S. 12AB: Procedure for fresh registration-Wrong selection of code while filing Form No 10A-Rejection of application was set aside and the matter was remanded to allow assessee an opportunity to file a fresh application in the correct section code under section 12A.[S.12A(1)(ac)(vi), Form 10A]