S. 195 :Deduction at source – Non-resident – Purchase of property- Payee filed the return of income and disclosed the consideration in their respective returns and paid the taxes – Proviso to section 201(1) inserted by the Finance( No. 2) Act , 2019 is retrospective as it removes statutory over sums paid to non-residents [ S. 201 (1), 201(IA) ]

S.145 :Method of accounting – Construction business – Business income -Percent completion project – Cost of project – Income from TDR- SRA project – TDR is inextricably linked to the project – Cost of building has to be deducted against sale of TDR -Matter remanded [ S. 28(1)]

S. 143(1)(a) : Assessment – Intimation – Any sum received from employees –Adjustment made without giving an intimation is held to be bad in law [ S. 36(1)(va), 43B ]

S. 140 : Return by whom to be signed – Company – Appeal filed was verified by General Manager of assessee-company who did not hold a valid Power of Attorney-, Appeal was dismissed in limine [ S. 140(c), 253(6) , Rule 45(3) 47(1), ITAT R. 11. ]

S. 68 : Cash credits – NRI – Gifts from relatives – Cash deposited in bank – There is no prohibition for the NRI for accepting gifts from relatives – Addition was deleted [ S. 131 , 133(6) ]

S. 64 : Clubbing of income – Spouse – Rent paid to wife – Investment in the House property by wife from her own source and loan from Bank – Source of fund established clubbing provision do not apply – There is no legal bar for paying house rent to wife [ S. 10(13A), 24, 64(1)(ii) ]

S. 56 : Income from other sources – Flat booked under construction was not constructed – Alternative flat was allotted in another building which was under construction- Difference between stamp duty value of the alternative flat and the consideration is not chargeable to tax u/s 56(2)(vii ) of the Act . [ S. 2(27), 54, 56(2)(vii) ]

S. 56 : Income from other sources – Joint venture agreement – Shares issued to resident venture and non- resident venture at a differential price – DCF method – Valuation given by expert cannot be rejected – Addition is not valid [ S. 56(2)(viib) , R.11UA ]

S. 56 : Income from other sources -Bonus shares – Provisions of section 56(2)(vii)(c) were not applicable to bonus shares [ S. 56(2)(vii)( c) ]

S. 56 : Income from other sources – Advance received for purchase of property – Cannot be held as without consideration – Deletion of addition is held to be justified [ S. 56(2)(vi) , 68 ]