S. 80G : Donation-Object-Religious nature-Rejection of application without pointing out any specific object in trust deed cannot be treated as religious in nature-Matter was to be remanded back for de novo consideration. [S.80G(5)Form No 10AB]

S. 80G : Donation-Contribution to prime minister’s relief fund-Part of legal compliance of corporate social responsibility (CSR)-Finance Act, 2014 mandated that CSR expenditure shall not be allowed as business expenditure under section 37(1)-No deduction under section 80G is allowable. [S.37(1)]

S. 80G : Donation-Objects to provide education, research and training, etc.-Expenditure incurred by it were not found to be religious in nature, it is eligible for approval under section 80G(5). [S.12AA, 80G(5)(vi)]

S. 69A : Unexplained money-Sale of shares-Long term capital gains-Penny stock-Both purchase and sale transactions were carried out through banking channel and by transfer of shares, long-term capital gain could not be regarded as sham profit and thus addition was not justified.[S. 10(38), 45, 69C]

S. 56 : Income from other sources-Bonus shares-Out of capitalization of existing reserves in company-Overall wealth of a shareholder post-bonus or pre-bonus remains same-therefore, Provisions of section 56(2)(vii)(c) are not attracted in respect of bonus shares. [S. 56(2)(vii(c)]

S. 54B : Capital gains-Land used for agricultural purposes-Sale consideration for purchasing new agricultural land-Capital gain is exempt from tax-Order passed under section 154 denying the claim is quashed.[S. 2(14)(iii) 154]

S. 50C : Capital gains-Full value of consideration-Stamp valuation-Agreement to sell properties on 14-8-2014 and received part consideration of certain amount-Agreement to sell those properties were registered on 30-12-2015, provisions of section 50C adopting value for stamp duty purposes as on date of sale deed i.e. 30-12-2015 could not be applied but value as on date of agreement/date of receipt of advance i.e. 14-8-2014 is to be applied.[S. 45]

S. 50C : Capital gains-Full value of consideration-Stamp valuation-Fair market value-Registered Valuer valued the property at less than sale consideration-Sale consideration and DVO is less than Stamp Valuation Authority-Deeming provision cannot be applied-Addition is deleted. [S. 45]

S. 48 : Capital gains-Mode of Computation-Cost of acquisition-Fair market value determined by Government valuer-Assessing Officer has no right to replace Government approved valuer’s opinion with his own opinion. [S. 45, 50A 55A]

S. 48 : Capital gains-Mode of Computation-Sale of shop-Cost of improvement-Construction cost of concrete bridge on culvert in front of shop-Allowable as deduction while computing capital gains. [S. 45]