S. 56: Income from other sources – Purchase of property from a company wherein the assessee is also director can not be assessed as income from other sources , as the amendment to assess difference arising out of stamp duty value and actual sale consideration as income in case of sale of property for a consideration less than stamp duty value of property was incorporated into statute by Finance Act, 2013 with effect from 1-4-2014[ S. 56(2)(vii) ]

S. 50B : Capital gains – Slump sale –Cost of acquisition- Transfer of its business division to its subsidiary against shares and debentures is not a slump sale but exchange hence provision would not be applied .[ S.2(42C), 45 ]

S. 45 : Capital gains – Stock in trade -Transfer of land to developer for construction of commercial complex and letting the flats which it got from developer and offering the income as rental income , subsequent sale of flats was held to be assessable as capital gains and cannot be assessed as business income by applying the provision of S. 45(2) of the Act . [ 28(i), 45(2)]

S. 40A(3) :Expenses or payments not deductible – Cash payments exceeding prescribed limits -Repayment of debt to group concern and expenditure was not debited in profit and loss account, addition cannot be made .

S.37(1): Business expenditure –Development rights – Payment to its shareholders for withdrawal of winding up petition against company in order to clear title of property is held to be allowable as business expenditure .

S. 28(iv) : Business income – Value of any benefit or perquisites – Converted in to money or not – Purchase of property from a company wherein the assessee is also director can not be assessed as profit and gain of business or profession .

S. 17(2) : Perquisite -Purchase of property from a company wherein the assessee is also director can not be assessed as perquisite in lieu of salary as there was no employer and employee relation ship [ S.17(2)(iii), 50C ]

S. 14A : Disallowance of expenditure – Exempt income -Investments in shares and mutual funds from own funds -Interest expenses cannot be disallowed [ R.8D ]

S. 2(47)(v): Transfer –Development rights – Transfer of development rights as per share holder agreement with financial partner for development of integrated township by unregistered agreements , no liability of tax could be fastened on assessee on basis that possession of land had been handed over. [ S.28(i), 45, Registration Act 1908,S.17(IA), Transfer property Act 1882, S.53A]

S.2(22)(e): Deemed dividend- Share holders- Current and inter banking accounts between group companies cannot be considered as loans and advances and addition cannot be made as deemed dividend- No physical possession of accumulated profits, hence no addition can be made as deemed dividend .