S. 68 : Cash credits-Capital account-Partner-Difference-Matter remanded to the AO for verification-Sundry creditors-Filed confirmation-Addition is deleted-Unexplained investment-Project-Merely on the basis of report of the inspector addition cannot be made. [S. 69]

S. 68 : Cash credits-Share capital-Share premium-Identity and genuineness is proved-Order of CIT (A) deleting the addition is affirmed-Reassessment-Change of opinion-Reassessment is quashed-Commercial decision-Subsidiary-Deemed company in which the public are interested-Provisions of Section 56(2)(viib) is not applicable [S. 2(18), 52(2)(viib), 147, 148]

S. 68 : Cash credits-Capital gains-Sale of shares-Received by gift-Stamp duty paid-Sale consideration cannot be assessed as cash credit-Assessable as long term capital gains. [S.45, 49(1)]

S.54F : Capital gains-Investment in a residential house-Acquired 60 percent share in a flat owned by her husband-Entitle to benefit of on sale consideration received on sale of shares. [S. 45]

S. 54F : Capital gains-Investment in a residential house-Investment in joint name-Exemption cannot be denied on the ground that the new property has been purchased in the joint names of the assessee and his son. [S. 45]

S. 50 : Capital gains-Depreciable assets-Block of assets-The profit or loss on this property is required to be computed under the provisions of ss. 41(2) and 50-More than 36 months-Entitle to exemption u/s 54F [S. 41(2), 54F]

S. 45 : Capital gains-Capital loss-Transaction in securities-Purchase and sale of units of mutual fund-Fictitious-Sham-Loss is allowable as short term capital loss-Transaction cannot be considered as avoidance of tax-Provision of section. 94(7) is not applicable. [S. 94(7)]

S. 43B : Deductions on actual payment-Unpaid interest on loan taken from world bank-Public financial institution-Unpaid interest no disallowance can be made-Electricity duty-Collection and subsequent transfer to the State Government-No disallowance can be made. [S. 43B(a)]

S. 43(6) : Written down value-Liquidated damages-Compensation from suppliers-Capital receipts-Block of assets-Depreciation-Not to be reduced from the cost of fixed assets.[S.2(11), 4, 32]

S. 40A(7) : Expenses or payments not deductible-Gratuity-Fund maintained by LIC-Pendency of application-Matter is remanded to the file of AO for verification.[S.36(1)(vi)]