S. 54 : Capital gains-Profit on sale of property used for residence-Allegation that the amount was withdrawn from sellers bank account-Reply by seller showing receipt of full sum-Denial of exemption was held to be not valid. [S. 45]

S. 45 : Capital gains-Amalgamation-sale of shares prior to transfer of business by way of slump sale and amalgamation-scheme of amalgamation approved by High Court and shareholders-allegation of scheme of amalgamation as an afterthought without any basis-capital gains already offered for tax by the amalgamating company-same cannot be taxed again in the hands of amalgamated company.

S. 45 : Capital gains-Consideration from sale of land as long term-Transfer of superstructure as short term capital gains-Deposit in specified Bank account and using it only for acquiring new asset Eligible for deduction-Not making claim in return-Appellate Authorities not barred from entertaining fresh claim. [S. 54F, 254(1)]

S. 45 : Capital gains-Joint development agreement-General power of attorney-Possession and complete control of share of property-Part performance of contract-Transfer complete on handing over possession and not on date of Registration-Exemption for reinvestment of consideration is eligible. [S. 2(47)(v), 50C, 54G, Transfer of Property Act, 1882, S. 53A]

S. 44BB : Mineral oils-Presumptive tax-Amount received on account of equipment lost in hole-Reimbursement of service tax-Not to be included in gross receipts for computation of profits for purpose of presumptive tax.

S. 43B : Certain deductions only on actual payment-Interest payable to Government of India is crystalized based on facts, even though not accounted in books due to comments of statutory auditor, and hence is allowed as expense on accrual basis even not accounted for in books. [S. 145]

S. 43B : Deductions on actual payment-Service tax liability-Not claimed as deduction-Outstanding service tax liability not liable to be added.

S. 40(a)(ii) : Amounts not deductible-Rates or tax-Education Cess-Allowable as deduction-Transfer pricing adjustment-Matter remanded. [S. 37(1), 92C]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Contractor-Disallowance section is not warranted where the payee furnishes the return of income taking into account the sum(s) received from the payer, tax due on the return income has been paid and certificate of a Chartered Accountant to that effect has been furnished. [S. 194C]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Running infertility clinic carrying out in vitro Fertilisation-Payee not maintaining proper accounts-Disallowance is held to be justified. [S. 194C]