S. 80IB(11A) : Undertaking-Business of processing, preservation and packing of fruits or vegetable eligible-Business of extraction of oil from oil palm by different processes and preservation of oil under adjusted temperature and then packaging of oil in large containers or tanks, could be said to be from business of processing, preservation and packing of fruits or vegetable eligible for deduction.

S. 69A : Unexplained money–Addition made merely on the basis of show cause notice by Excise department for alleged under valuation of shares is held to be not valid. [S. 148]

S. 56 : Income from other sources–HUF-Gift- Amount received as gift from ‘HUF’, being its member, is a capital receipt not liable to tax- Precedent – CIT is bound to follow the order of Tribunal-Revision is held to be not valid. [S. 4, 10(2), 56(2)(vii), 263]

S. 36(1)(iii) : Interest on borrowed capital–Purchase of offices spaces–Possession not taken–Interest paid is held to be not allowable as deduction.

S. 28(iv) : Business income-Value of any benefit or perquisites- Converted in to money or not-Perquisites-Waiver of loan amount under one time settlement could not be said to be benefit or perquisite arising from business–Not taxable-Waiver of loan amount, which was not claimed as deduction by assessee in earlier years, would not amount to cessation of trading liability- Waiver of loan could not be said to be without consideration hence cannot be taxes as income from other sources. [S .41(1), 56(2)(vi)]

S. 12AA : Procedure for registration –Trust or institution- Violation of provisions of S.13 cannot be the ground forfeit exemptions u/s 11, 12 of the Act and cancellation of registration-Order cancellation of registration was set aside. [S. 11, 12, 12A, 13]

S. 9(1)(i) : Income deemed to accrue or arise in India-Business connection-Security–Shares-Sale of units of equity linked mutual funds and derived short term capital gain (STCG)-Exempt to tax in India – DTAA–India–UAE [S.5(2), Indian Companies Act, 2013, S.2(84), Securities Contract (Regulation) Act, 1956. Art. 3(2), 13(4)]

S. 268A : Appeal–Monetary limit-Revised/enhanced minimum threshold limit of tax effect of Rs. 50 lakhs vide CBDT Circular No. 17/2019 dated 8-8-2019 is applicable not only for appeals to be filed by revenue in future but also for appeals already filed by revenue. [S. 253]

S. 251 : Appeal-Commissioner (Appeals)–Powers–Additional evidence–Cash credits–Share application money-Deletion of addition accepting fresh evidence, without giving an opportunity to the AO– Violation of Rule 46A(3) is liable to be set aside. [S. 68, 254(1), R.46A]

S. 71 : Set off of loss-One head against income from another- Unabsorbed depreciation is deemed to be current year’s depreciation and can be set off against capital gain. [S. 32(2), 45]