S. 69A : Unexplained money-Survey-Undisclosed income was offered net of expenses excluding expenses claimed in profit and loss account-Set off of business loss and depreciation is to be allowed-Matter remanded. [S. 32, 72, 133A]

S. 68 : Cash credits-Rotation of disclosed funds between group entities-Addition cannot be made as cash credits-Proof of creditworthiness was supplied-Addition cannot be made without making further enquiry. [S. 133(6)]

S. 54EC : Capital gains-Investment in bonds-Invested Rs.50 lakhs in two different financial years-Entitle to deduction in both the years-Amendment is effective from assessment year 2015-16 and not applicable to earlier years. [S. 45]

S. 54 : Capital gains-Profit on sale of property used for residence-Long term or short term-Period of holding to be reckoned from date of allotment. [S. 2(29A), 2(29B), 2(42A), 2 (42B), 45]

S. 50B : Capital gains-Slump sale-Amalgamation of Companies- Subsidiary-Balance consideration received from escrow agents by subsidiary after amalgamation on behalf of erstwhile Chennai Company-Taxed in hands of erstwhile Chennai company at Chandigarh -cannot be taxed again in hands of subsidiary in Chennai [S. 2(19AA), 2(42C), 72A]

S. 45 : Capital gains-Cost of development paid under tripartite arrangement-Allowable as cost of improvement-Brokerage paid allowable as deduction. [S. 48]

S. 43(5) : Speculative transaction-Premium on forward cover – Commodity-Foreign exchange cover not contract for purchase of share or stock and does not fall within definition of commodity – Transaction not speculative.

S. 40A(2) : Expenses or payments not deductible-Excessive or unreasonable-Commission paid to subsidiary at lower rate than others-No disallowance can be made.

S. 40A(2) : Expenses or payments not deductible-Excessive or unreasonable-Professional fees-Onus shift on revenue to show expenses excessive and not legitimate-Assessing Officer cannot contend that the expenditure is not required at all. [S. 37(1)]

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Interest on deposits-Tax not deducted-Declaration was furnished by depositors-Disallowance was deleted. [S. 194A, 197A(1), Form No. 15G]