S. 143(3) : Assessment – Liability to tax – Set-aside – Attachment of property

S. 115JB : Book profit – Waiver of loan -Loss or depreciation – Reduction of lower of loss or depreciation of the past years is allowable even where the same did not appear in the books of the current years on being absorbed against the credits not otherwise liable to tax in the past years- Matter remanded to CIT(A) for on a short point that the aspect of the adjustments had not been delved upon. . [ S.32 , 72 ]

S. 36(1)(vii) :Bad debt – Inter corporate deposits in respect of purchase of vehicles and plant and machinery –Mere wrote off is sufficient –It is not necessary for the assessee to establish or prove that the debt has in fact become irrecoverable but it would be sufficient if the bad debt is written off as irrecoverable in the accounts of the assessee. [ S.28 (i) ]

S. 28(iv) : Business income – Value of any benefit or perquisites – Converted in to money or not – Waiver of loan cannot be assessed as benefit or perquisites [ S.4 ]

S. 147 : Reassessment – After the expiry of four years- Year of chargeability – Reassessment is held to be bad in law – No failure to disclose material facts .[ S. 45(1) , 45(2),143(3) ,143(1) , 148, Art .226 ]

S.54F : Capital gains- Investment in a residential house –The usage of the property has to be considered-Several independent residential units in the same building have to be treated as one residential unit and there is no impediment to allowance of exemption u/s 54F(1) [ S.45 ]

S. 40(a)(ia): Amounts not deductible – Deduction at source – The amendment to S. 40(a)(ia) by the Finance (No.2) Act, 2015 w.e.f. 01.04.2015, which restricts the disallowance for failure to deduct TDS to 30% of the expenditure instead of 100%, is curative in nature and should be applied retrospectively [ S.194H ]

Principle of Natural Justice -Direct taxes – Important case laws .