S.43CA: Transfer of assets- other than capital assets- Full value of consideration- stock in trade-Agreement value – Stamp valuation – Allotment letter – Where allotment letters are issued and part payments are received prior to Ist April , 2013 – Provision of section 43CA does not apply – Difference less than 5% – Provision does not apply . [ S.50C ]
S. 32 : Depreciation -Non- compete fee – Intangible assets – Right in personam and not right in rem – Not entitle to depreciation [ S. 32(1)(ii) ]
S. 32 : Depreciation -Non- compete fee – Intangible assets – Right in personam and not right in rem – Not entitle to depreciation [ S. 32(1)(ii) ]
S. 24 : Income from house property – Deductions – Rent of furniture and fixtures etc- 30% deduction allowable as deduction- Reimbursement of member’s share of contribution for repairing the entire society building is held to be not taxable as it has no income element . [ S.4, 22, 24(a)]
S. 10(38) : Long term capital gains from equities – Sale of shares – Taxable loss cannot be set off against income from tax under Chapter III- Short term capital loss arising on sale of shares cannot be set off against long term capital gains from sale of shares which are exempt u/s 10(38)- Revenue was not justified in disallowing assessee’s claim for carry forward of loss. [ S. 45 ]
S.69A: Unexplained money – Demonetization – AIR information -Amount deposited to bank from earlier withdrawals – Addition was deleted – Cash Deposits in Partnership Firm’s bank Account – Amount transferred to partner’s account as withdrawal from capital –Addition cannot be made in the hands of partner . [ S. 2(31)iv),133(6)] S.69A: Unexplained money – Demonetization – AIR information -Amount deposited to bank from earlier withdrawals – Addition was deleted – Cash Deposits in Partnership Firm’s bank Account – Amount transferred to partner’s account as withdrawal from capital –Addition cannot be made in the hands of partner . [ S. 2(31)iv),133(6)]
S. 11 : Property held for charitable purposes – Education – Study and promote the latest development in the filed of Architecture – Mere surplus arising as a result of charitable activities the Institution does not cease to be a charitable institution – Entitle to exemption. [ S. 2(15), 12A, Architect Act , 1872 ]
S. 271G : Penalty-Documents-International transaction-Transfer pricing-Transactional Net Margin Method-Bifurcation of profits-Failure to furnish the details-Deletion of penalty is held to be valid. [S. 273B, R. 10D(1)]
S. 271BA : Penalty-Failure to furnish reports-International transaction-Transfer pricing-Reasonable cause-Penalty cancelled. [S. 92E, 273B]
S. 271(1)(c) : Penalty-Concealment-Relevant limb specifying charge not struck off-Penalty not leviable.