S. 45 : Capital gains – Full value of consideration – Valuation report of DVO was less than the stamp valuation – Valuation report given by the DVO cannot be ignored and directs that the value as determined by the DVO be adopted for the purpose of determining the full value of consideration received on transfer of capital asset for computing LTCG as laid down in S..50C(3) of the Act [ S.50C(2)(b) , 50C(3) ]

S. 40A(3) :Expenses or payments not deductible – Cash payments exceeding prescribed limits – Commercial expediency – Not eligible deduction [ R.6DD ]

S. 32 : Depreciation – Rate of depreciation – FSI – Intangible asset-FSI purchased from Government of Maharashtra- held eligible for depreciation at the rates applicable to the Building @ 10% and not to Intangible assets @ 25% [ S.32(1)(ii), 43(6)(c ) ]

S. 260A : Appeal – High Court -Dismissal of appeal on grounds of delay in fling of appeal – Cash credits -No substantial question of law [ S .68 254(1) ]

S.28(i):Business — Income from house property —Object of developing commercial complexes —Income earned assessable as business income [ S.22 ]

S.254(1) : Appellate Tribunal — Powers- Remand – Deduction at source – The Tribunal being the fact finding authority ought to look into the facts before ordering a remand on the basis of the directions issued by the Supreme Court. [ S. 194J , 201(1) 271C ]

S.45: Capital gains — Transfer of bonus shares — Bonus shares in respect of shares held as stock-in-trade — No presumption that bonus shares constituted stock-in-trade — Tribunal justified in treating bonus shares as investments [ S.28(i) ]

S.32:Depreciation — Windmill —Additional depreciation – Trial run – Business of manufacture of matches- Windmill for production of electricity —Entitle to depreciation and additional depreciation .[ S.32(1)(iia) ]

S. 271C : Penalty – Failure to deduct at source – Land Acquisition Authority – Interest payment on delayed compensation voluntarily paid to farmers -Technical breach – Levy of penalty is held to be not valid [ S.194A , Rule 29C ]

S. 271AAB:Peanlty -Search initiated on or after Ist day of July 2012- Disclosure of additional income in statement recorded under S. 132(4) itself is not sufficient to levy penalty unless income so disclosed falls in definition of undisclosed income defined in Explanation to S. 271AAB(1) [ S.69C , 132(4) 153 (B) (1)( b) ]