S. 9(1)(vi): Income deemed to accrue or arise in India – Aircraft leasing – Multilateral Instrument (MLI) – Principal Purpose Test (PPT) cannot be applied in absence of specific Sec. 90(1) notification – Lease rentals not taxable as royalty – No Permanent establishment in India- Entitle to treaty benefit – DTAA -India Ireland .[ S. 9(1)(i) , 90(1) , 143(3) 144C(13), 234A, 234B, 270A, Art . 5, 6, 7 , 8(1) , 12(3)(a) ]

S. 45(4) : Capital gains-Distribution of capital asset-Dissolution of firm-Depreciable assets-Block of assets-Transfer of depreciable capital assets-Incoming partner-Liable to capital gains tax under Section 45(4), even though there was no distribution of assets among partners upon dissolution-Section 50 does not apply when asset’s value has already been taxed as capital gains under Section 45(4) [S. 2(11), 45, 50, 50A]

S. 45 : Capital gains-Development agreement-Mere licence granted to developer without possession-No transfer-No capital gains.[S. 2(47)(v), Transfer of Property Act, 1882, S. 53A]

S. 45 : Capital gains-Business income-Sale of land-Part of property-No change in nature-Assessable as capital gains and not as business income. [S.28(i)]

S. 45 : Capital gains-Property sold by firm-Land was belong to one of the partner-Assessing Officer was required to arrive at figures of amounts realized on sale of assets owned by firm and compute profits on sale of same after deducting written down value as it stood in books of assessee-firm-No return was filed-Reassessment is affirmed. S. 147,148]

S. 40(a)(ia): Amounts not deductible-Deduction at source-catering expenditure for purpose of supply of food packets to its employees-Subjected to GST-Not contract-Not liable to deduct tax at source-Business promotion expenses to promote business and rewards to employees to achieve work targets-Facilities/amenities made available by hotel to its customers do not constitute ‘work’ within meaning of section 194C-Hotel room booking expenses incurred by assessee were not liable to TDS under section 194C. [S. 194C]

S.37(1): Business expenditure-Investments in subsidiaries-Expenditure is allowable as business expenditure-Excess remuneration to directors-Matter remanded. [S. 2(13)]

S.37(1): Business expenditure-Interest on loan taken from State Government-Allowable as deduction.

S.37(1): Business expenditure-Provision for claim payout on basis of actuarial report furnished by an independent actuary-Allowable as deduction. [S. 145]

S.37(1): Business expenditure-Managing director Managerial remuneration-Allowable as deduction-Remuneration-Not excessive or unreasonable-No disallowance can be made.[S. 40A(2)(b)]