S. 72 : Carry forward and set off of business losses–Effect of appellate order – loss is allowed to be carried forward and benefit of set off against business income in subsequent assessment years could be allowed to assessee even in absence of such claim in return of income. [S. 254(1)]
S. 68 : Cash credits–Share application-Share premium- Provided name, address and PAN of shareholders, etc.- Addition cannot be made. [S. 56(2)(viib)]
S. 68 : Cash credits–Loans–Allegation that loans received from companies controlled by Praveen Kumar Jain as accommodation entries–Substantial supporting material to prove loan transactions were genuine were produced–Addition is held to be not valid.
S. 56 : Income from other sources-Gift- Property–Purchase of a piece of land as stock-in-trade–Not property–Provision is not applicable- Matter is set aside. [S. 45, 56(2)(vii)(b)(ii)]
S. 56 : Income from other sources–Preference shares-Premium- Valuation is to be made as per Rule 11UA(1)(c)–Matter set aside. [S. 56(2)(vii)(b), R. 11UA(1)(c)]
S. 54F : Capital gains-Investment in a residential house-Construction of house–Single house constructed by assessee within three years of sale of land-Entitle for exemption. [S. 45]
S. 54F : Capital gains-Investment in a residential house-Capital gain account scheme- Deposited before expiry of date of filing of return u/s. 139(4)-Entitle to exemption. [S.45, 139(4)]
S. 54F : Capital gains-Investment in a residential house-Claim was raised first time before the Tribunal-Matter remanded for adjudication.[S. 254(1)]
S. 54EC : Capital gains-Investment in bonds–Investment of 50 lakhs each in two different financial years–Eligible for exemption. [S. 45]
S. 54 : Capital gains-Profit on sale of property used for residence–Booking of semi finished flat with builder-Carry out internal fit-outs to make it liveable on its own-treated as construction of property and not purchase of property, same was to be treated as case of construction of property and not purchase of property- Entitle to exemption. [S. 45]