S. 45 : Capital gains -Taxable in the year in which possession of constructed premises was received by the assessee and not in the earlier year when occupancy certificate was granted – Section 45(5A) which has been introduced w.e.f. 1-4- 2018 applies w.e.f. AY. 2018 -19 and not AY. 2017 -18 -Fair market value deemed to be full value of consideration in certain shares – Value of consideration- Full value of the consideration should be computed on the basis of guideline value of land or building that is transferred / received on development and not cost of construction reported by the developer as the said report was not supported by supporting documents . [ S. 45(5A) ,48, 50C, 50D ]

S. 45 : Capital gains – Transfer – Development agreement – Irrevocable power of attorney – Registration of a contract is not relevant for in the case of section 2(47)(v) – Transferred 62 percent of land to a developer in exchange of 38 percent of the developed area to be constructed under an unregistered joint development agreement – transaction is liable to capital gains under section 2(47)(vi) in the year of agreement – Matter remanded for determination of cost of acquisition .[ S. 2(47)(vi) , 48, 50C, Transfer of Property Act , 1882 , S 53A ]

S. 36(1)(iii) :Interest on borrowed capital – Interest free advance to subsidiary – Allowable as deduction on commercial expediency . [ S. 37(1), 260A ]

S. 22 : Income from house property -Income from business – Letting out property –Business of letting or subletting of properties- Income assessable as income from house property – Rule of consistency should be applicable to tax proceedings .[ S. 24 , 28(i) ]

S. 12AB: Procedure for fresh registration – Denial of registration is justified if the trust had not complied with the applicable State law . [Form No .10AB , Rajasthan Public Trust Act , 1959 ]

S. 4 : Charge of income-tax – Notional income – Credited to profit and loss account – Accounting standard (Ind AS) – Cannot be assessed as real income .[ S. 143(1)(a), 154 ]

S. 276C : Offences and prosecutions-Wilful attempt to evade tax-Search-Revised return-Claims of deduction were not accepted-Would not amount to wilful evasion of tax.[S. 132,139(1), Code of Criminal Procedure, 1973, S. 482]

S. 272A : Penalty-Failure to answer questions-Sign statements-Furnish information-Penalty cannot be levied when the assessment is completed u/s 143(3)-Penalty is deleted.[S.272A(1)(d), 274]

S.271D: Penalty-Takes or accepts any loan or deposit-Cash received-Sale of rights in property-Property was registered in June 2016-Amendment is prospective-Specified sum explanation introduced with effect from 1-6.2015 [S. 269SS]

S. 270A:Penalty for under-reporting and misreporting of income-Charitable Trust-Depreciation on assets which are claimed as application of income-Bonfide error-Penalty is deleted.[S.270A(9)]