S. 80IC : Special category States-Tea plantation–Manufacturing of tea is not eligible to claim deduction in respect of sale of black tea manufactured from green tea leaf purchased from outside market. [S. 80IC(2)(b)]

S. 80IB(10) : Housing projects-Direction is given to AO to collect information about stage of completion of projects and size of flats — Pro rata deduction to be given if project completed within norms.

S. 71 : Set off loss-One head against income from another-Borrowing funds and making investments in business also paying interest-No evidence assessee diverted funds for non-business purpose-Intra head losses can be set off.

S. 69C : Unexplained expenditure-Purchase of land-Addition of same payments made in hands of landowners-Addition on protective basis not sustainable. [S. 143(3)]

S. 69B : Amounts of investments not fully disclosed in books of account– unexplained investment-Purchase of land-Peak credit–Directed to verify audited cash book entries with payments to landlords and reliable source of cash available for such payments to landowners.

S. 69B : Amounts of investments not fully disclosed in books of account– Unexplained investment-Purchase of land-Addition merely on presumption is held to be not justified.

S. 69A : Unexplained money-Income from undisclosed sources- unexplained cash-Cash flow statement accepted in wealth-tax assessment not to be discarded-Cash balance available as on date of search treated as explained. [S. 132]

S. 69 : Unexplained investments–Search and seizure–Gold and silver ornaments-Found in premises of assessee belonging to assessee’s wife and his mother – Gold and silver ornaments inherited-Addition cannot be made.

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.