S. 140A : Self assessment -Failure to pay self assessment tax , penalty cannot be levied [ S. 221 ]

S. 234B : Interest – Advance tax -Book profit- In view of Explanation 1(v) of sub-section (1) of S. 234B, MAT credit has to be allowed from ‘assessed tax’ and, thereafter, interest to be computed [

S. 254(2): Appellate Tribunal-Rectification of mistake apparent from the record –Law of limitation will be governed by the law applicable when the order of Tribunal was passed and not as per amended law with effect from 1-06-2016 Since taxability of FTS is 15% earlier direction of Tribunal to tax at 20% is amended -DTAA-India- UK[ S.115A, art. 13(2) ] .

S. 254(2A): Appellate Tribunal –Stay- Failure to make out any prima facie case in its favour the Tribunal directed the assessee to pay deposit 50 percent of demand in question and furnishing the Bank Guarantee for balance amount . [ S. 220,254(1)]

S. 32: Depreciation -Computer- Film projector cannot be said to be computer eligible for higher rate of depreciation @ 60%.

S. 37(1): Business expenditure -Advertisement , Marketing and business promotion expenses (AMP) by pharmaceutical company for promoting sale and brand was held to be allowable business expenditure. Revision was held to be not valid [ S. 263 ],

S. 37(1): Business expenditure – Bank-Amortisation of premium paid for purchase of securities was to be allowed as deduction .

S. 45: Capital gains- Business income- Sale of land in small plots as required by end users is assessable as capital gains. [ S. 28(i)]

S. 43(5) : Speculative transaction – Currency derivatives -Transactions through a recognised stock broker on recognised stock exchange , could not be termed as speculative transaction . [ S.73 ]

S. 54F : Capital gains – Investment in a residential house –Sale is not concluded or agreement of sale is not certain to be honoured, assessee cannot claim deduction in respect of purchase or construction of property [ S.45, 54F(4)]