S. 61 : Revocable transfer of assets-Trust-Settlor-Income arising from revocable transfer of assets is taxable in hands of transferor, i.e., settler of revocable trust and it is to be clubbed in total income of transferor and not in total income of transferee of assets-Addition is deleted. [S. 62 63, 148]

S. 56 : Income from other sources-Share premium-Valued as per Rule 11UA(2)(b)-Discount Cash Flow Method (DCF)-The rejection of valuation is set aside. [S. 56(2)(viib), R.11UA]

S. 55 : Capital gains-Cost of improvement-Cost of acquisition-Indexed cost-Interest on loan-No direct cost of acquisition of property purchased-Cannot be included in cost of acquisition of property.[S.45, 48]

S. 54F : Capital gains-Investment in a residential house-Triplex Flat-Triplex flat purchased which had common living area, common kitchen and several rooms satisfied definition of a single residential unit and would qualify for exemption.[S. 45]

S. 48 : Capital gains-Mode of Computation-Stamp duty and registration charges-Paid as per terms of agreement-Allowable as deduction-Remanded for verification. [S. 45]

S. 45 : Capital gains-indexed cost-Value as per 1-4-1981-Capital loss-Indexed cost of acquisition of immovable property is higher than sale consideration-Long-term capital loss-Addition on account of LTCG is deleted. [S. 55(2)(i)]

S. 45: Capital gains-Share purchase agreement-Long term or short term-Conditional sale and only upon fulfilment of conditions, date of contract of sale was to be crystallized-Effective date of transfer would be date of receipt of sale consideration-Held shares for more than 12 months, shares were to be treated as long-term capital assets liable to long-term capital gains-Addition on account of capital gain is deleted-Corresponding penalty levied under section 271(1)(c) is also quashed. [S. 2(29A) 2(42A), 10(38), 271(1)( c)]

S. 44BB : Mineral oils-Computation-Income deemed to accrue or arise in India-Business connection-Permanent Establishment-DTAA-India-UK [S.9(1)(i), Art. 5]

S.43B: Deductions on actual payment-Current liability-GST amount is paid before due date of filing of return-No disallowance can be made.[S. 44AB 139(1)]

S. 40A(3) :Expenses or payments not deductible-Cash payments exceeding prescribed limits-Wholesale trading of raw meat and animal wastes-Cash purchases below Rs. 20,000 each-Vendors lacking bank accounts and purchases being from remote areas-Disallowance is deleted.[R.6DD(e) (ii)]