S.145:Method of accounting – Work-in-progress- Construction and development of properties -Interest paid on borrowings as component of work in progress was capitalised and also claimed as deduction for same interest under the head income from house property . Matter was remanded to the AO to consider AS 10 and AS 16 and decide according to law [ S.22 ]

S.80P: Co-operative societies – Interest earned by a co-operative Society from deposits kept with co -operative bank is deductible .[S.80P(4) ]

S.80IB(10): Housing projects- Completion certificate – Time limit prescribed for completion of project prescribed for completion of project and production of completion certificate have to be treated as applicable prospectively to projects approved on or after 1-4-2015 .

S.56(2)(viiib): Income from other sources – Fair market value of shares sold – Choice of method of valuation is with the assessee- AO has no jurisdiction to insist that the assessee should only a particular method for determining the value of shares . Rule of constancy must be followed by the AO. [ R.11UA]

S.54: Capital gains- Profit on sale of property used for residence- Garage is also part of the house and eligible for exemption [ S.45 ]

S. 54 : Capital gains – Profit on sale of property used for residence-Purchase of four flats merged in to one residential house – Entitle to exemption. [ S.45 ]

S.33AB: Tea development account – Amount withdrawn from NABARD deposit account accordance with tea development Scheme 2007 was not utilised the entire amount with in year in which withdrawal was made but utilised partly after the end of said year amount cannot be taxed by deeming fiction [ S.33AB(7), 139(1)]

S.28(i): Business income -Income from house property -Manufacturing activities were closed and premises given on lease , rental income is held to be assessable as business income and remuneration paid to directors is held to be allowable deduction .[ S.22, 37(1)]

S. 14A : Disallowance of expenditure – Exempt income -Disallowance has to be made even if the assessee has not earned any tax free income on the investment- Revision was held to be valid [S.263 , R.8D ]

S.9(1)(i): Income deemed to accrue or arise in India – Business connection -Profit earned from offshore supply of installation and commissioning activities of equipments relatable to operations carried out in India is held to be taxable since it had supervisory Permanent establishment in India – DTAA- India- China [ Art. 5 ]