“Section 48(5)”

A subsequent amendment cannot impose a new tax burden or liability for a period when such liability did not exist. Therefore, additional tax or penalty cannot be levied for non-disclosure of income made taxable retrospectively by an amendment not in force at the time of the original return.

The computation provisions for long-term capital gains, including the benefit of indexation under sections 45, 48, and 112, are applicable when determining book profits under section 115JB(5) for Minimum Alternate Tax, unless explicitly overridden, ensuring the 'real income' is taxed.

The period of holding a flat for capital gains purposes commences from the date of the allotment letter and the first installment payment, not from the later date of possession or registration.

For capital gains computation, the date of allotment of a residential unit under a construction scheme is the date of acquisition, not the date of agreement or possession. This applies even if possession is delivered later, as the allotment letter confers the right to hold the property.

For a bad debt to be allowable as a deduction, it must be a debt that, if good, would have increased the taxable profits. An expenditure for running a school for employees' children in a remote area can be considered an allowable expenditure for the welfare of employees.