S. 28(i) : Business income-Agricultural income-Apportionment AO is directed to recompute disallowance and only 40% amount to be added to business income. [S. 2(24)(x), 36(1))(v),R. 8(1)]

S. 23 : Income from house property-Annual value – Stock in trade-No addition can be made on account of deemed rent on unsold flats held as stock in trade. [S. 22, 23(4), 23(5)]

S .23 : Income from house property-Annual value-No deemed or Notional Rental Income for the properties held as Stock in Trade.[S. 22, 23(5)]

S. 22 : Income from house property – taxed as house property for many years-No change in facts-Cannot be treated as income from business and profession. [S.28(i)]

S. 17(3) :Salary-Profits in lieu of salary-Ex-gratia –Voluntary payment-Without establishing letter as non-genuine or without examining sanctity of payment made – Addition is not justified .[S. 10(10C), 15,17(3)(iii)]

S. 14A : Disallowance of expenditure-Exempt income-No exempt income – Disallowance cannot be made-Amendments to section 14A by Finance Act, 2022-No retrospective effect. [R. 8D]

S. 14A : Disallowance of expenditure-Exempt income-No exempt income – Disallowance cannot be made-Amendment made by Finance Act, 2022 to section 14A by inserting a non-obstante clause and Explanation will take effect from 1-4-2022 and cannot be presumed to have retrospective effects.[R.8D]

S. 14A : Disallowance of expenditure-Exempt income-Disallowance cannot exceed exempt income-Amendment introduced by Finance Act, 2022, is prospective.[R.8D]

S. 14A : Disallowance of expenditure-Exempt income-No fresh investments towards mutual funds made in current year-Disallowance is not valid. [R.8D]

S .14A : Disallowance of expenditure-Exempt income-Disallowance of expenditure cannot exceed exempt income earned .[R.8D]