S. 45: Capital loss- Long term capital gains- Long term capital loss – Set -off is allowed against taxable income .[ S.(2(14) ,2(39A)10 (38 ), 45, 70 , 71,72,74 ]

S. 6(6) : Residence in India – Not-ordinarily resident – Cash credits -If the assessee is non –resident amount found deposited in a foreign bank is not taxable in India either u/s 68 or u/s 69 of the Act – Period of 182 days to be considered for calculating residential status of a person migrated to Foreign Country . [ S. 68, 69 ]

Interpretation of taxing statutes – Precedent – Supreme Court -Pronouncement of Supreme Court is binding on High Court though not ratio decidendi of judgment .

S. 271(1)(c) : Penalty–Concealment-Notice not specifying the charge whether concealing particulars of income or furnishing inaccurate particulars of income–Failing to strike inapplicable words- Levy of penalty is held to be not valid. [S. 274]

S. 271(1)(c) : Penalty–Concealment–Recording the satisfaction as regards concealment of particulars of income–Imposition of penalty for furnishing inaccurate particulars of income–Levy of penalty is held to be not valid. [S. 274]

S. 263 : Commissioner – Revision of orders prejudicial to revenue –Interests of fixed deposits -If an amount is not chargeable to tax just because the payer has deducted the tax at source, the said amount cannot be brought to tax [S. 4].

S. 263 : Commissioner-Revision of orders prejudicial to revenue–Purchase of a land prior to date of transfer of agricultural land– Revision is held to be justified. [S. 45, 54B]

S. 255 : Appellate Tribunal–Third member–Powers- Third member has to pass an order agreeing with the one of the views. [S. 254(1), 255(4)]

S. 254(1) : Appellate Tribunal–Duties-Additional evidence– Supporting the order of AO certain agreements which were produced by the assessee before the AO was produced by the revenue–Admission of additional evidence is held to be justified. [ITAT R. 29]

S. 251 : Appeal-Commissioner (Appeals)–Powers -New source of income–Purchase of shares at Rs.4 per share when the market price was Rs.140 per share–AO made addition of Rs. 136 per share u/s 69/69B of the Act–CIT (A) confirmed the addition u/s. 56(2)(vii)(c) of the Act–CIT(A) has not discovered a new source of income-Order of CIT(A) is affirmed. [S. 56(2)(vii)(c), 69, 69B, 246A]