S. 4 : Charge of income-tax – Mutuality- Receipts by Co -operative society form its members ie. Non-occupancy charges , transfer charges common amenity fund charges and other charges , are exempt from income -tax Act based on the principle of mutuality [S. 2(24), Maharashtra Co -operative Societies Act , 1960 , S. 79A ]

S.2(14)(iii) : Capital asset – Agricultural land -Capital gains- Business income- Sale of agricultural land purchased on good price and purchasing the land of higher volumes at different places cannot be regarded as trader- Entitle to exemption. [ S. 2(14) , 28(i)]

S. 2(22)(e) Deemed dividend-Beneficial owner – Prima facie, CIT v. Ankitech pvt Ltd ( 2012) 340 ITR 14 ( Delhi)( HC) and CIT v. Madhur Housing and development company ( 2018) 401 ITR 152 (SC) , is wrongly decided and should be reconsidered by larger bench.

S. 2(22)(e):Deemed dividend -loans from two companies addition cannot be made as deemed dividend [ S. 260A ]