S. 80 : Return for losses-Return of income within prescribed time-Audited financial statements could not be filed along with return of income as accounts were not audited by that time-Denial of carry forward of business loss is not justified. [S. 44AB, 72, 139(9)]

S. 69C : Unexplained expenditure-Bogus purchases-Justified in deleting 100 percent disallowance and disallowing to 12.5% out of bogus purchases.

S. 69A : Unexplained money-Demonetization deposit-Mere mismatch of denominations of currency notes would not lead to addition where currencies of past savings might have mixed with currencies withdrawn.

S. 68 : Cash credits-Share capital-Transaction through account payee cheques, bank statements filed-Addition is not valid. [S. 133(6)]

S. 68 : Cash credits-Share application-Entries were circulating in nature-Failed to establish creditworthiness or genuineness of transaction-Addition is held to be justified.

S. 68 : Cash credits-Demonetization-Cash deposits-Sale proceeds-Sale proceeds offered to tax as revenue receipt-Addition would lead to double taxation-Addition is deleted. [S. 44AB, 115BBE]

S. 56 : Income from other sources-Retired professional cricketer received ex-gratia payment from BCCI-Capital or revenue-Matter remanded to ascertaining whether registration of BCCI was restored under section 12AA for relevant assessment year or not. [S. 4, 12AA, 28(iv), 56(2)(vii)]

S. 68 : Cash credits-Loan-Commission-Search and seizure-Bogus accommodation entries-Addition is held to be justified-Fictitious-Bogus entries-Rejection of books of account justified. [S. 132, 145, 153C]

S. 56 : Income from other sources-Share premium-Valuation of shares-Tentative balance sheet after audit by auditors, balance sheet audited subsequently would be sufficient compliance of provisions of rule 11U(b). [S. 56(2)(viib), R. 11UA]

S. 56 : Income from other sources-Allotment of shares at premium-Fair market value of shares-Neither Assessing Officer, nor Commissioner (Appeals) had determined fair market value of shares in accordance with rule 11UA-Matter remanded to the Commissioner (Appeals) to determine fair market value of shares by following any of prescribed methods. [S. 56(2)(viib), R. 11UA]