S. 69 : Unexplained investments-loose sheet found during search not in handwriting of assessee or of any of family members-No statement recorded from author of loose sheet regarding contents and no enquiries conducted with buyer of flat-Addition is held to be not valid. [S. 132]

S. 68 : Cash credits-Share premium —Share applicants proved their creditworthiness and source of funds for investing – Addition is held to be not valid.

S. 68 : Cash credit-Share premium-Addition made merely on basis of statement of a person recorded u/s.131 by DIT (Invt.) and there was no any other evidence on record-Addition is held to be not justified. [S. 131]

S. 68 : Cash credit-Impounding of documents found during search-Satisfactory explanation is furnished–Addition cannot be made. [S. 132, 153A]

S. 68 : Cash credits-Bank deposits-Funds withdrawn from bank four months ago for purchase of a property but due to non-materialised of property transaction, money was re-deposited in bank account, addition cannot be as cash credits.

S. 56 : Income from other sources–Shares issued at premium-DCF method-Commercial expediency has to be seen from point of view of businessman – Addition is held to be not justified. [R. 11UA(2)]

S. 56 : Income from other sources-Interest income–Bank deposits-Assessable as income from other sources and not as income from business [S. 28(i)]

S. 56 : Income from other sources-Share Premium-Share application money received from non-residents-Provisions of S.56(2)(viib) is not applicable – Additions cannot be made as cash credits. [S. 56(2)(viib), 68]

S. 56 : Income from other sources-Bonus shares-Provisions of S. 56(2)(vii)(c) would not apply to bonus shares. [S. 56(2)(vii)(c)]

S. 56 : Income from other sources – Capital or revenue-Amount received for relinquishing secretaryship of educational society cannot be treated as a capital receipt-Assessable as income from other sources. [S. 4, 45]