S. 54F : Capital gains-Investment in a residential house-Amount not deposited in a sperate capital gains account before due date of filing of return-Capital gain invested for acquiring another property with in specified u/s 54F of the Act-Entitle to exemption. [S. 45, 139(1)]
S. 45(2) : Capital gains-Conversion of a capital asset in to stock-in-trade-All sales is recognised and taxed in the holding company-Addition cannot be made in the assessee. [S. 2(47), 45]
S. 45 : Capital gains: Transfer of shares of Indian Company to non-resident-Sale consideration as per sale purchase agreement to be adopted-Conversion rate as per 11UA to be adopted-Matter remanded. [S.48, Rule 11UA]
S. 45 : Capital gains-Sale consideration-Valuation determined in respect of both the properties works out to less than 10% of the actual sale consideration as declared by the assessee-AO was directed to accept the sale consideration as declared by the assessee as per the two registered sale deeds. [S. 48, 50C]
S. 43B : Deductions on actual payment-Restructuring of bank loan-Cash credit-Amounts of credits in cash credit account were much more than amount of interest debited by bank, no disallowance can be made.
S. 43B : Deductions on actual payment-PF and ESI dues-Paid before due date of filing of return-No disallowance can be made. [S. 36(1)(va), 139(1)]
S. 43B : Deductions on actual payment-Any sum received from employees-Addition unsustainable where employee’s contribution to ESI is deposited after due date of the fund but before the due date of filing return of income u/s. 139(1) of the Act. [S. 36(1)(va), 139(1)]
S. 43B : Deductions on actual payment-Any sum received from employees-Addition unsustainable where employee’s contribution to ESI is deposited after due date of the fund but before the due date of filing return of income u/s.139(1) of the Act-Precedent-Lower Authorities are bound by the decision of Jurisdictional High Court. [S. 36(1) (va),139(1), 143(1)(a), 154]
S. 43B : Deductions on actual payment-Employee’s contribution-Provident fund and ESI-Payment made before due date of filing of return-Amendment by the Finance Act, 2021 are applicable only from 1st April, 2021-Entitle to claim deduction. [S. 36(1)(va)]
S. 43(6) : Written down value-Depreciation-Forfeited on cancellation of agreement for sale of assets-Dubious transaction-Rightly reduced from the WDV of assets. [S. 32, 51, 56(2)(ix)]