S. 68 : Cash credits-Share capital-Non-resident-Mauritius based holding company-Proviso does not apply to non-resident company-Proved identity and genuineness by filing the bank account statement of itself and the certificate of incorporation-Order of CIT(A) deleting the addition is affirmed.

S. 68 : Cash credits-Share application money-Survey-Statement on oath-Retraction-Produced documents of all investors-Merely on the basis of statement addition is not valid-Reassessment-After the expiry of four years-Reassessment on the basis of statement in the course of survey is valid.[S.133A, 147, 148]

S. 68 : Cash credits-Loan-Genuineness is proved-TDS deducted-Addition is deleted.

S. 45 : Capital gains-Full value of consideration-Amount kept in escrow account-Share purchase agreement-The unreleased amount kept is escrow account as deposits cannot be assessed as sale consideration-Amount can be taxed in later years in respective years of receipt or accrual.[S. 4,5, 48]

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Failure to produce the evidence to demonstrate that each bill is less than Rs.20,000-Addition is affirmed.

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Amendment made by Finance (No. 2) Act, 2014-Matter remanded to the Assessing Officer.

S. 37(1) : Business expenditure-Interest on tax deduction at source-Not allowable as business expenditure.

S. 37(1) : Business expenditure-Advertisement and sales promotion-Order of CIT(A) deleting ad-hoc disallowance of 20% is affirmed.

S. 32 : Depreciation-User for business-Entitle to full deprecation for on the aircraft for the whole year. [S. 32 (1) (ii)]

S.14A : Disallowance of expenditure-Exempt income-Apportionment of expenses-Demat charges-Interest expenses-Disallowance under R. 8D(2)(iii) is to be restricted to 0.5 per cent of the average value of investment which yielded exempt income in terms of statutory formula-The suo motu disallowance, no basis has been given by the assessee for making such ad hoc disallowance-AO shall be guided by the statutory formula. [R.8D(2)(ii)]