S. 69 : Un explained investment-Income from undisclosed sources- Non-Resident-Deposit in NRI Accounts–Deletion of addition by the Tribunal based on the evidences–Reversal of the order of Tribunal by the High Court is held to be not valid–Oder of the Tribunal is affirmed. [S.158BB, 260A, Foreign Exchange Regulation Act, 1973, S.13]

S. 68 : Cash credits-Bank statement or identity of creditor is not sufficient to prove the creditworthiness of creditor-Confirmation and income tax return is not produced-Addition is held to be justified.

S. 68 : Cash credits–Advance received-Produced bank statements and other details produced–Discharged the burden-Deletion of addition as cash credits is held to be justified.

S. 68 : Cash credits–Genuineness of purchases could not be established – Addition as cash credit is held to be justified.

S. 54B : Capital gains-Land used for agricultural purposes–Sale of new asset of agricultural land within lock in period of three years– Withdrawal of exemption is held to be valid–Capital gains is chargeable to tax in the year in which transfer of asset is effected. [S. 45]

S. 54 : Capital gains-Profit on sale of property used for residence- Additional cost of construction incurred within stipulated time though not deposited in capital gains account—Entitled to deduction. [S. 45, 54F, 264, Art.226]

S. 45 : Capital gains–Transfer of land to developer-No Objection Certificate obtained in June 1994-Built-up area handed over in financial year relevant to AY. 2001-02-Transfer took place when agreement for development of land was approved-Cost of construction referred in the agreement is held to be reasonable-Developer providing rent free accommodation is not assessable as capital gains-Sale of land and residential house to developer-Construction of residential house by developer-Entitled to exemption. [S. 2(47)(v), 54, 54F, 269UL, Transfer of Property Act, 1882, S. 53A]

S. 44C : Non-residents-Head office expenditure-Entire expenditure was for purposes of head office-No restrictions in terms could be imposed-Order of Tribunal is affirmed. [S. 260A]

S. 44BB : Mineral oils–Computation-Unabsorbed depreciation-Carried forward from earlier year-Cannot be set off against while computing the profits and gains of eligible business u/s. 44BB of the Act. [S. 32(2)]

S. 43CA : Transfer of assets-other than capital assets-Full value of consideration-stock in trade-Agreement value–Stamp valuation-Provision introduced with effect from 1-4-2014 for deeming consideration received on sale of goods/assets on basis of stamp duty valuation would be applicable prospectively-Rejection of books of account is held to be not justified. [S.50C, 145]