S. 54F : Capital gains-Investment in a residential house-One house-Property was acquired for Metro Rail Project compensation paid within a period of one year-Purchase of two different houses-Not entitle to exemption. [S. 45, 54, 54F(1)(ii)]

S. 54 : Capital gains-Profit on sale of property used for residence-Construction of house within period of three years from the transfer of original asset-Non availability of occupation certificate cannot be the ground to deny the exemption. [S. 45]

S. 45 : Capital gains-Transfer-Sale agreement registered on 26-8-2011 and possession was also handed over on the said date-Capital gains assessable in assessment year 2012-13. [S. 2(47), 54F]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Transportation charges-Hiring cabs from cab owners-Liable to deduct tax at source-Payment made to petrol pumps not liable to deduct tax at source. [S. 194C]

S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident-Commission payment-Mere rendering of service of procurement of export orders by a non-resident company for Indian company does not fall in category of managerial/consultancy services-Not liable to deduct tax at source-DTAA-India-Japan. [S. 40(a)(1), 195]

S. 28(i) : Business loss-Trading activities in stock and commodities-Provision for loss mark to market loss on trading in derivative-Allowable as business loss. [S. 37(1)]

S.14A : Disallowance of expenditure-Exempt income-Net interest could be disallowed-Book Profit-Computation under clause (f) of Explanation 1 to section 115JB(2) is to be made without resorting to computation as contemplated under section 14A read with rule 8D. [S. 115JB, R. 8D]

S.14A : Disallowance of expenditure-Exempt income-Interest free funds is more than investments made-No disallowance of interest can be made-Administrative expenses-Disallowance is restricted only to investments giving rise to exempt income. [R. 8D]

S. 11 : Property held for charitable purposes-Exemption denied and income assessed as income from other sources-All incidental expenditures laid out by assessee wholly or exclusively for purpose of making or earning such income were also to be allowed under section 57(iii). [S. 10(23C)(iiiab), 12A, 12AA, 57(iii)]

S. 10B : Export oriented undertakings-Matter remanded by the Tribunal to the Assessing Officer examine the claim under section 10A of the Act-CIT (A) allowed the claim under section 10B-CIT (A) was not justified is allowing the deduction u/s. 10A of the Act. [S.10A, 254 (1)]