S.80IB (10): Housing Project —Entire project as composite one – entitle to deduction .

S.80IA: Industrial undertaking – Backward area —Undertaking set up in area designated subsequently as backward —Not entitled to deduction .

S.69C: Unexplained expenditure — Bogus purchases – Information from Sales-Tax Authority — Neither independent enquiry conducted by Assessing Officer nor due opportunity given to assessee Deletion of addition is held to be justified .

S. 69A : Unexplained money – Hundi business- Addition cannot be made solely on statement of party against whom search conducted —No cogent material produced by the revenue – Deletion of addition is held to be proper . [ S. 132 ,143(3) 147 153C ]

S.56: Income from other sources- Capital gains-Acquisition of Land – Interest on enhance compensation — Assessable as income from other sources- Language of section plain and unambiguous — External aids cannot be adopted to interpret provision . [ 10(38), 45 56(2)(viii), 145A,, 264, Land Acquisition Act , 1894 , 28 Art .226 ]

S. 54 : Capital gains – Profit on sale of property used for residence –
Construction of new residential house need not begin after sale of original house- Booking the flat under construction is considered as construction of house – Deletion of addition made for alleged receipt of maintenance charges was held to be justified . [ S. 4, 45 ]

S. 45 : Capital gains – Income from other sources- Transfer of rights in property – Assessable as capital gains and not as income from other sources [ S. 54EC ,56 ]

S. 41(1) : Profits chargeable to tax – Remission or cessation of trading liability – Commission claimed as expenditure – Write off of loan- cannot be treated as revenue receipts .

S. 40(a)(ii) : Amounts not deductible – Any rate or tax levied – Education cess is held to be deductible . [ S. 246A , 254(1) Indian Income-tax Act, 1922, S 10(4) ]

S.37(1): Business expenditure — Advertisement expenses – Failure to prove the genuineness of expenses – Disallowance is held to be justified