S. 69: Unexplained investments-Assessment-Violation of principles of natural justice-Reply of assessee explaining source of property purchase not considered while framing assessment-Assessment quashed and matter remanded for a fresh order after hearing assessee. [S. 143(3), 144B, Art. 226]

S. 69: Unexplained investments-Hawala-In cases of unaccounted sales/purchases, only the profit element embedded therein is taxable, not the entire turnover. [S.131(IA), 133A, 260A]

S. 68: Cash credits-Share capital-Identity, creditworthiness and banking trail for share capital established-Failure to use power under section 131-Order of the Tribunal deleting the addition was affirmed. [S.131, 260A]

S. 68: Cash credits-Share capital-Shell entities-PAN details, income tax return acknowledgements, and audited financial statements of subscriber companies who had confirmed transactions in response to notices issued under section 133(6)-Order of the Tribunal deleting the addition was affirmed.[S.131, 133(6), 260A]

S. 68: Cash credits-Discharged the initial burden-Order of High Court affirmed-SLP of revenue dismissed. [Art. 136]

S. 68: Cash credits-Long-term capital gains-Sale of shares-Mishka Finance & Trading Ltd-Penny stock-Commission-SEBI inquiry finding no violations and assessee furnishing complete supporting evidence-Transactions were held genuine-Tribunal deleted additions-High Court affirmed the order of the Tribunal-SLP of the revenue was dismissed on account of delay of 154 days. [S. 10(38), 45, 69C, Art . 136]

S. 45: Capital gains-Capital asset-Agricultural land-Exemption claimed without cogent evidence-Description in revenue records as dry land suitable for construction-Assessable as capital gains-SLP dismissed. [S. 2(14)(iii), Art.136]

S. 44BB: Mineral oils-Computation-Income-Deemed to accrue or arise in India-Royalties or Fees for Technical Services-Mineral Oil Exploration Services-The matter was remanded to the AO for fresh consideration of the royalty issue and passing of a fresh order in accordance with law. DTAA-India-Norway. [S. 9(1)(vii), 44DA, 197, Art. 12, Art. 226]

S. 37(1): Business expenditure-Compensation-Year of allowability-Compensation is allowable in the year of actual payment and not in the year when liability crystallised. [S. 145]

S. 37(1): Business expenditure-Broken period interest on purchase of securities-Securities held as stock-in-trade-Interest paid for broken period was allowable as deduction-SLP delay of 959 days-SLP dismissed on account of delay as well as on merits. [Art . 136]