S. 45 : Capital gains-Full value of consideration-Amount kept in escrow account-Share purchase agreement-The unreleased amount kept is escrow account as deposits cannot be assessed as sale consideration-Amount can be taxed in later years in respective years of receipt or accrual.[S. 4,5, 48]

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Failure to produce the evidence to demonstrate that each bill is less than Rs.20,000-Addition is affirmed.

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Amendment made by Finance (No. 2) Act, 2014-Matter remanded to the Assessing Officer.

S. 37(1) : Business expenditure-Interest on tax deduction at source-Not allowable as business expenditure.

S. 37(1) : Business expenditure-Advertisement and sales promotion-Order of CIT(A) deleting ad-hoc disallowance of 20% is affirmed.

S. 32 : Depreciation-User for business-Entitle to full deprecation for on the aircraft for the whole year. [S. 32 (1) (ii)]

S.14A : Disallowance of expenditure-Exempt income-Apportionment of expenses-Demat charges-Interest expenses-Disallowance under R. 8D(2)(iii) is to be restricted to 0.5 per cent of the average value of investment which yielded exempt income in terms of statutory formula-The suo motu disallowance, no basis has been given by the assessee for making such ad hoc disallowance-AO shall be guided by the statutory formula. [R.8D(2)(ii)]

S. 12AB : Procedure for fresh registration-Company registered under Section 8 of the Companies Act, 2013-Withdrawn application under wrong advice-CIT(E) is justified in rejecting request for restoration of application under section 12AB of the Act [S.12A, 12AB, Companies Act, 2013, S. 8]

S. 12AB : Procedure for fresh registration-Cancellation of registration-Search and seizure-Originally assessed at Chandigarh-Centralised at Gurgaon-Case-Cancellation of registration by virtue of Jurisdiction under section 127 is not valid-Order of cancellation passed by Principal CIT, Gurgaon, is without jurisdiction in the context of territorial powers apart from the fact that it is not in accordance with law-Order is quashed. [S.2(7A), 12AA,12AB(4), 127(2), 132(1)]

S. 12AA : Procedure for registration-Trust or institution-Cancellation of registration-Trust contains a covenant that enables the settlor to utilize the premises for herself or her family-Cancellation of registration is set aside. [S. 11(5), 12A, 12AA(3), 13 (3)]