S. 271(1)(c) : Penalty-Concealment-Deemed addition- Addition under section 56(2)(vii)(b)- Penalty is deleted. [S. 56(2)(vii)(b)]

S. 270A : Penalty for under -reporting and misreporting of income – Not specifying the limb – Levy of penalty is not valid . [ S.270A(8) 270A(9) ]

S. 143(3): Assessment – Validity – Addition on account of bogus LTCG – Addition based on some incriminating material found in a search at premises of third parties- Assessment order should have been framed as per provisions of section 153C- assessment order passed under section 143(3) is set aside being bad in law. [ S. 132, 143(1), 153A , 153C ]

S. 69 : Unexplained investments – investment in the books of account – Evidences to prove genuineness of the purchase- Addition is deleted .[ S. 143(3), 145 ]

S. 68. : Cash credits – Receipt of share capital/premium – Summons issued to investors returned unserved- Addition cannot be made under section 68 for the mere reason that summons issued to investors were returned unserved . [ S. 131 , 133(6)]

S. 68: Cash credits – long term capital gain –Penny stock – Sale consideration cannot be assessed as un explained cash credits .[ S.45 ]

S. 54B : Capital gains – Land used for agricultural purposes – Land purchased in name of Assessee’s wife- The AO is directed to allow the exemption. [ S. 45 ]

S. 40A(3) : Expenses or payments not deductible – Cash payments exceeding prescribed limits – The tax authorities are not justified in invoking the provisions of S. .40A(3) of the Act without verifying the relevant facts.

S. 11 : Property held for charitable purposes – Charitable trust – Exemption under section 11 – Allowability – Audit Report in Form No. 10B not filed along with return- AO is directed to verify the Form No. 10B filed by the assessee and allow the claim of exemption under section 11. [ Form No 10B ]