S. 69B : Amounts of investments not fully disclosed in books of account – Survey -Merely on the basis of statement in the course of survey offering additional income -Addition is held to be not justified .[ S.133A ]

S. 68 : Cash credits -Deposit from dealers and agents – Merely because there was a permission granted under Companies Act to accept deposits from public, it did not necessarily follow that deposits shown by assessee were really those received from members of public or from agents- Matter remanded.

S. 68 : Cash credits -Shares -Unsecured loans – Assessee had discharged its onus of establishing identity, genuineness and creditworthiness of both investors as well as lenders- Deletion of addition is held to be justified .

S.45: Capital gains- Transfer- Development agreement not registered- General Power of attorney- Possession of property was given to the developer for specific purposes to develop the property- The development agreement clearly provides that nothing contained in the agreement shall be construed as grant of possession in part performance of the agreement under S. 2(47)(v), and 2(47)(vi) of the Act. Accordingly addition of Rs 55 crores as full value of consideration for computing the capital gains is rightly deleted by the Tribunal – Taxability will be examined in the year in which the transfer of land as stock in trade has taken place and also value at that point of time will be examined independently . [ S.2(47)(v), 2(47)(vi) 45(2) ]

S. 45: Capital gains- Individual or HUF- Sale deed was executed in individual capacity and PAN of the individual-Sale consideration was also not deposited in the HUF’ Bank account-Assessing the capital gains in the assessment of the assessee is held to be justified [ S.4 ]

S. 40(a)(ia): Amounts not deductible – Deduction at source – Commission or brokerage – Selling expenses which consisted of target incentives to distributors -Not liable to deduct tax at source- No disallowance can be made .[ S.194H ]

S. 40(a)(ia): Amounts not deductible – Deduction at source – Contractors – Purchase of packing material- Right of ownership of packing material was only transferred to assessee only when it was purchased from suppliers -Not liable to deduct tax at source –No disallowance can be made . [ S.194C ]

S. 40(a)(ia): Amounts not deductible – Deduction at source -Reimbursement of lease rent charges – Not liable to deduct tax at source -Provision for contingent liability for which bills were not received during year under consideration and TDS was deducted as and when final bills were received – No disallowance can be made .[ S.194I ,

S. 40(a)(ia): Amounts not deductible – Deduction at source -Interest- Payment for delayed allotment of land by Housing Corp. is not interest since there was neither any borrowing of money nor was there incurring of debt on part of assessee hence not liable to deduct tax at source-No disallowance can be made [ S.2(28A), 194A]

S. 37(1) : Business expenditure -Capital or revenue -Non-compete fee for five years – Allowable as revenue expenditure .