S. 69 : Unexplained investments-Hindu undivided family -Agricultural land -Partition- Fixed deposits–Benami names of family members–Retraction of statement-No assessment is made in larger Hindu undivided family–Additions can be made in the hands of smaller HUF-Investments in fixed deposits to be considered as unexplained investments of smaller HUF in equal shares- Matter remanded. [S. 132(4), 171]

S. 56 : Income from other sources-Agricultural land-Gift-Agricultural land is an immovable property-Stamp valuation-It is immaterial whether they fall under definition of capital asset or stock-in-trade- Chargeable as gifts. [S. 2(14), 50C, 56(2)(viib), 69]

S. 45 : Capital gains-Business income–Investment in shares- Demarcated shares as investment in its balance sheet-Profit arising on sale of shares is chargeable to tax as capital gains and not as business income. [S. 28(i)]

S. 45 : Capital gains-Fair market value of land–When exact valuation is not possible reasonably to fix market value of land by averaging value given by assessee and Assessing Officer.

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Project competition method- Provision for expenses–When the payee is not known it is not possible to deduct tax at source on estimated expenditure–Not liable to deduct tax at source–No disallowance can be made. [S. 145]

S. 40(a)(i) : Amounts not deductible-Deduction at source-Non-resident–Purchase of bearings–Not liable to deduct tax at source –No disallowances can be made-DTAA-India-USA. [S. 195, Art. 26(3)]

S. 37(1) : Business expenditure–Provision for salary-Sixth Pay Commission -liability on account of payment of revised enhanced salary had neither accrued nor crystallized during relevant assessment year, impugned- Provision made is not allowable as deduction.[S. 145]

S. 28(i) : Business loss- Actor -Advance of money to production house -Write off of advances as non recoverable – Film was not successful- Loss is allowable as business loss or as business expenditure. [S. 37(1)]

S. 13 : Denial of exemption-Trust or institution-Investment restrictions–On same of facts exemption was granted earlier years -Denial of exemption is held to be not valid – Payment to trustee- No evidence to show that the payment was excessive or unreasonable -Denial of exemption is not proper. [S.11, 12A, 13(1)(c)(d)]

S. 11 : Property held for charitable purposes – Activities of publication of newspaper and complementary publication to provide information regarding Government welfare schemes to general public-Not carrying on activity in nature of trade or commerce- Eligible exemption. [S. 2(15), 10 (23C(iv)]