S. 69A : Unexplained money–Addition made merely on the basis of show cause notice by Excise department for alleged under valuation of shares is held to be not valid. [S. 148]

S. 56 : Income from other sources–HUF-Gift- Amount received as gift from ‘HUF’, being its member, is a capital receipt not liable to tax- Precedent – CIT is bound to follow the order of Tribunal-Revision is held to be not valid. [S. 4, 10(2), 56(2)(vii), 263]

S. 36(1)(iii) : Interest on borrowed capital–Purchase of offices spaces–Possession not taken–Interest paid is held to be not allowable as deduction.

S. 28(iv) : Business income-Value of any benefit or perquisites- Converted in to money or not-Perquisites-Waiver of loan amount under one time settlement could not be said to be benefit or perquisite arising from business–Not taxable-Waiver of loan amount, which was not claimed as deduction by assessee in earlier years, would not amount to cessation of trading liability- Waiver of loan could not be said to be without consideration hence cannot be taxes as income from other sources. [S .41(1), 56(2)(vi)]

S. 12AA : Procedure for registration –Trust or institution- Violation of provisions of S.13 cannot be the ground forfeit exemptions u/s 11, 12 of the Act and cancellation of registration-Order cancellation of registration was set aside. [S. 11, 12, 12A, 13]

S. 9(1)(i) : Income deemed to accrue or arise in India-Business connection-Security–Shares-Sale of units of equity linked mutual funds and derived short term capital gain (STCG)-Exempt to tax in India – DTAA–India–UAE [S.5(2), Indian Companies Act, 2013, S.2(84), Securities Contract (Regulation) Act, 1956. Art. 3(2), 13(4)]

S. 268A : Appeal–Monetary limit-Revised/enhanced minimum threshold limit of tax effect of Rs. 50 lakhs vide CBDT Circular No. 17/2019 dated 8-8-2019 is applicable not only for appeals to be filed by revenue in future but also for appeals already filed by revenue. [S. 253]

S. 251 : Appeal-Commissioner (Appeals)–Powers–Additional evidence–Cash credits–Share application money-Deletion of addition accepting fresh evidence, without giving an opportunity to the AO– Violation of Rule 46A(3) is liable to be set aside. [S. 68, 254(1), R.46A]

S. 71 : Set off of loss-One head against income from another- Unabsorbed depreciation is deemed to be current year’s depreciation and can be set off against capital gain. [S. 32(2), 45]

S. 69B : Amounts of investments not fully disclosed in books of account–Seized paper–Matter remanded. [S. 132 , 153A, 292C]