S. 48 : Capital gains-Computation-Cost of acquisition-Indexation cost-Joint Development agreement-Accounting treatment in books of account cannot determine the taxability under income-tax Act-Indexed cost of acquisition-Indexation was allowed till the taxable event of capital gains and not till the date of entering in to development agreement with developer-Provision of section 45(2) cannot be applicable to the assessee who is not a developer. [S 45, 45(2), 145]

S. 48 : Capital gains-Computation-Assignment of rights-No consideration was received from lessor-Not taxable as capital gains. [S. 45]

S. 45(5A) : Capital gains-Joint development agreement-Ready reckoner value-Actual consideration-Fair market value-Value of consideration shown as per agreement has to be accepted-Provision of section 45(5A)) cannot be made applicable for the Assessment year 2015-16. [S. 45, 48, 50C]

S. 45 : Capital gains-Land dealings-Stock in trade-Shown as investment for seven years-Assessable as capital gains and not as business income. [S. 2(13), 28(i)]

S. 43(6) : Written down value-Block of assets-Waiver of loan-Asset purchased in earlier year-Written back from capital reserve-No adjustment can be made. [S. 2(11), 2(24)(xviii), 32, 41(1), 43 (1)]

S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Presumptive taxation-Remission of income tax liability of employees borne by assessee pertaining to earlier years-Not chargeable to tax-Claimed deduction and allowed-The income would be chargeable to tax-Matter remanded. [S.44BB(2)]

S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Sundry creditors-Not claimed as deduction in earlier years-Addition cannot be made.

S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Payment was not made due to supply of inferior quality goods-Recovery of proceedings were pending-Addition cannot be made as cessation of liability.

S. 40A(2) : Expenses or payments not deductible-Excessive or unreasonable-Consultancy and technical services from sister concern-Disallowance was restricted only t0 10 per cent of total expenses.

S. 40(a)(ii) : Amounts not deductible-Rates or tax-Education cess is not income tax-Allowable deduction. [S. 37(1)]