S. 201 : Deduction at source-Failure to deduct or pay-Date of tendering of cheque for payment of Government dues could be deemed to be date of payment of tax-Delay in remittance of said amount to Government account by Bank, no interest can be levied. [S. 201(IA)]

S. 115JB : Book profit–Change in deprecation rate–Reduction due to change in depreciation rate is different from diminution in value of assets and same is not hit by clause (i) of Explanation 1 to section 115JB-Self serving evaluation of useful life of depreciable assets leading to higher rate of depreciation and consequently resulting reduced tax burden for assessee was not bonafide, same would be a colourable device to evade tax- Matter remanded to Assessing Officer for verification. [S. 32]

S. 69 : Unexplained investments-Addition cannot be made in year under consideration in respect of investment in immovable property made in earlier year.

S. 68 : Cash credits-Share premium-Nature and source of share premium received is explained-Addition cannot be made as cash credits.

S. 68 : Cash credits–Share application-High premium–Addition as unexplained cash credit is held to be justified.

S. 56 : Income from other sources–Gift-Assesse was transferor and not recipient and shares in question were those of listed companies- provisions of section 56(2)(viia) would not apply. [S. 56(2)(viia)]

S. 56 : Income from other sources–Share premium-Amount received in excess of fair market value of shares – S. 56(2)(viib) which seeks to tax amount received in excess of fair market value of shares is applicable only from assessment year 2013-14. [S. 56(2)(viib), 68]

S. 56 : Income from other sources–Capital gains-Income chargeable under specific head cannot be assessed under residuary head as income from other sources. [S. 45, 47(iii)]

S. 54F : Capital gains-Investment in a residential house-Belated construction or possession would not be a ground to deny claim of exemption-Two separate flats purchased by assessee had two separate entrances, treated as one residential house – Entitle to exemption. [S. 45]

S. 50 : Capital gains-Depreciable assets-Block of assets-Brought forward business loss and long term capital loss can be set off against short term capital gain computed under section 50 on sale of factory building being depreciable asset. [S. 72, 74]